WORK PROGRAM AND EXPENDITURES Sample Clauses

WORK PROGRAM AND EXPENDITURES. 4.1. The contract operator shall commence petroleum operations not later than six (6) months after the effective date. 4.2. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows:[9] Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year 4.3. If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years. 4.4. The Joint Authority and the contract operator may negotiate a change to the exploration work program and exp enditures covering contract years four (4) to ten (10), provided the changes are made at least three (3) months prior to the beginning of the contract year affected by the changes. No changes will be made to the exploration work program and expenditures for contract years one (1) to three (3).[10] 4.5. If during: a) the first three (3) contract years the contract operator completes less than the amount of exploration work required to be completed during those years, the Joint Authority shall terminate the contract;
Sample 1Sample 2Sample 3
WORK PROGRAM AND EXPENDITURES. 4.1 CONTRACTOR shall commence Petroleum Operations hereunder not later than ninety (90) calendar days after the Effective Date. 4.2 CONTRACTOR shall be entitled to employ any person qualified, in the judgment of CONTRACTOR, to undertake on its behalf such geological and geophysical surveys, drillings or similar investigations as it may decide. Any subcontractor retained by CONTRACTOR shall have the necessary professional experience to perform the task assigned and shall be required, by written agreement with CONTRACTOR, to abide by all relevant terms of this Contract and all applicable laws and regulations of the Republic of Equatorial Guinea. CONTRACTOR within thirty (30) calendar years and shall advise the MINISTRY of the name and address of any subcontractor retained. 4.3 During the first five (5) Contract Years, CONTRACTOR agrees to perform the following minimum Work Program:
Sample 1Sample 2Sample 3
WORK PROGRAM AND EXPENDITURES. 4.1 The contract operator shall continue with petroleum activities being carried out on the effective date. The Designated Authority and the contract operator shall agree to an exploration work program and expenditures for each contract year. 4.2 paragraph deliberately omitted] [4.3 – paragraph deliberately omitted] [4.4 – paragraph deliberately omitted] [4.5 – paragraph deliberately omitted] [4.6 – paragraph deliberately omitted]
Sample 1Sample 2
WORK PROGRAM AND EXPENDITURES. 4.1 CONTRACTOR shall commence Petroleum Operations hereunder not later than six (6) months after the Effective Date. 4.2 The amount to be spent and the program to be carried out by CONTRACTOR in conducting exploration operations pursuant to the terms of this Contract during the first six (6) Contract Years after the Effective Date and in conducting Petroleum Operations pursuant to the terms of this Contract during the next four (4) Contract Years shall in the aggregate be not less than hereafter specified for each of the Contract Years as follows: G&G Studies & Seismic Reprocessing Five Hundred Thousand United States Dollars (US$500,000) Second Shoot 1,000 Km New Seismic Xxx Xxxxxxx Xxxx Xxxxxxx Xxxxxxxx Xxxxxx Xxxxxx Dollars (US$1,500,000) Third Drill Xxx Xxxx Xxxxx Xxxxxxx Xxxxxx Xxxxxx Dollars (US$3,000,000) Fourth G&G Studies Five Hundred Thousand United States Dollars (US$500,000) Fifth Shoot 1,000 Km New' Seismic Xxx Xxxxxxx Xxxx Xxxxxxx Xxxxxxxx Xxxxxx Xxxxxx Dollars (US$1,500,000) Sixth Drill Xxx Xxxx Xxxx Xxxxxxx Xxxxxx Xxxxxx Dollars (US$4,000,000) Seventh Evaluate Well Results One Million United States Dollars (US$1,000,000) Eighth Drill Xxx Xxxx Xxxx Xxxxxxx Xxxxxx Xxxxxx Dollars (US$4,000,000) Ninth Evaluate Well Results One Million United States Dollars (US$1,000,000) Tenth G&G Studies One Million United States Dollars (US$1,000,000) TOTAL Eighteen Million United States Dollars (US$18,000,000) CONTRACTOR shall carry out Petroleum Operations during the first three (3) Contract Years, during which period CONTRACTOR shall spend at least Five Million United States Dollars (US$ 5,000,000), called the firm commitment. If during any Contract Year CONTRACTOR should spend less than the amount of money required to be so expended, an amount equal to such under expenditure may, with PERTAMINA's consent, be carried forward and added to the amount to be expended in the following Contract Year without prejudice to CONTRACTOR's rights hereunder. If during any Contract Year CONTRACTOR should expend more than the amount of money required to be so expended, the excess may be subtracted from the amount of money to be so expended by CONTRACTOR during the succeeding Contract Years. 4.3 At least three (3) months prior to the beginning of each Calendar Year or at such other time as otherwise mutually agreed by the Parties, CONTRACTOR shall prepare and submit for approval to PERTAMINA a Work Program and Budget of Operating Costs for the Contract Area setting forth th...
Sample 1
WORK PROGRAM AND EXPENDITURES. The contract operator shall commence petroleum operations not later than six (6) months after the effective date. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows: 9 Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years. The Joint Authority and the contract operator may negotiate a change to the exploration work program and expenditures covering contract years four (4) to ten (10), provided the changes are made at least three (3) months prior to the beginning of the contract year affected by the changes. No changes will be made to the exploration work program and expenditures for contract years one (1) to three (3). If during: the first three (3) contract years the contract operator completes less than the amount of exploration work required to be completed during those years, the Joint Authority shall terminate the contract; any of the contract years four (4) to ten (10) the contract operator completes less than the amount of exploration work required within that year, the Joint Authority may terminate the contract and, if the contract is not terminated, the Joint Authority shall require the completion of that work in the following contract year; or any contract year the contract operator completes more than the amount of exploration work required to be completed by the end of that year, the excess shall be counted towards meeting the exploration work obligations of the contract operator during succeeding contract years. For the purpose of subsection 5 of this Section, the Joint Authority, in determining whether the contract operator has completed the exploration work required to be completed in the first three (3) contract years, and in later contract years if work commitments are specified, shall have regard to the actual physical work completed, and not the estimates of expenditure. Where work commitments ...
Sample 1
WORK PROGRAM AND EXPENDITURES. CONTRACTOR shall commence Petroleum Operations hereunder not later than six (6) months after the Effective Date.
Sample 1
WORK PROGRAM AND EXPENDITURES. 4.1 The OPERATOR, within one (1) year from the award of the Contract shall secure a Certificate of Non-Coverage from the DENR and Certification Precondition (for Exploration Phase) from the NCIP. 4.2 Before the commencement of Coal development and production activities, the OPERATOR shall secure an ECC from the DENR and Certification Precondition (for Development and Production Phase) from the NCIP. 4.3 The OPERATOR shall be obliged to spend not less than
Sample 1
WORK PROGRAM AND EXPENDITURES. 4.1. The Parties shall Commence Petroleum Operations hereunder not later than six (6) months after the Effective Date. 4.2. The amount to be spent and the program to be carried out by the Parties in conducting Petroleum Operations pursuant to the terms of this Contract during the first six (6) Contract Years and in conducting Petroleum Operations pursuant to the terms of this Contract during the next four (4) Contract Years following the Effective Date shall in the aggregate be not less than hereafter specified for each of the Contract Year as follows: First Contract Year geological & geophysical study and 300 Km seismic. US$ 2,650,000 Second Contract Year 2200 Km seismic/CSMAT US$ 7,200,000 Third Contract Year drilling two (2) xxxxx. US$ 7,250,000 Fourth Contract Year geological & geophysical work. US$ 2,100,000 Fifth Contract Year seismic survey & G&G. US$ 6,800,000 Sixth Contract Year drilling two (2) xxxxx US$ 7,300,000 Seventh Contract Year geological & geophysical work. US$ 4,300,000 Eighth Contract Year seismic survey and drilling one(1)well. US$ 7,800,000 Ninth Contract Year drilling one (1) well US$ 5,800,000 Tenth Contract Year drilling two (2) xxxxx US$ 9,300,000 The Parties shall have the option to transfer the work requirement from one category to the other with prior approval of PERTAMINA. Notwithstanding any provisions to the contrary as may elsewhere herein contained, it is specifically agreed that during the first three (3) Contract Years CONTRACTOR shall provide at least seventeen million and one hundred thousand United States Dollars (US$17,100,000) for all expenditures for operations as provided under subsection 4.2, or up to the approval of the plan of development by PERTAMINA, whichever is less, to match PERTAMINA's deemed prior expenditures. Thereafter: a) Funds equal to PERTAMINA's participating interest share for exploration operations and the drilling of appraisal xxxxx shall be provided by CONTRACTOR; b) Before the first commercial production has commenced, funds equal to PERTAMINA's participating interest share for development, production, processing and transportation (to the point of delivery or export) shall be provided by the CONTRACTOR: c) After commercial production has commenced, the funds for development, production, processing and transportation (to the point of delivery or export) shall be provided by the Parties according to their respective participating interest share; d) At PERTAMINA's request, funds equal to PERTA...
Sample 1
WORK PROGRAM AND EXPENDITURES. 4.1. The contract operator shall commence petroleum operations not later than six (6) months after the effective date. 4.2. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows: 9 Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year "The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, unless otherwise approved by the Joint Authority, be at least that specified for each of these six (6) years as follows:" 4.3. If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years.
Sample 1

Related to WORK PROGRAM AND EXPENDITURES

  • Expenditures The Assuming Institution will pay such bills and invoices on behalf of the Receiver and the Corporation as the Receiver or the Corporation may direct for the period beginning on the date of the Bank Closing Date and ending on Settlement Date. The Assuming Institution shall submit its requests for reimbursement of such expenditures pursuant to Article VIII of this Agreement.

  • Work Progress The Developer and Connecting Transmission Owner will keep each other, and NYISO, advised periodically as to the progress of their respective design, procurement and construction efforts. Any Party may, at any time, request a progress report from the Developer or Connecting Transmission Owner. If, at any time, the Developer determines that the completion of the Connecting Transmission Owner’s Attachment Facilities will not be required until after the specified In-Service Date, the Developer will provide written notice to the Connecting Transmission Owner and NYISO of such later date upon which the completion of the Connecting Transmission Owner’s Attachment Facilities will be required.

  • Annual Work Plans and Budgets The Recipient shall furnish to the Association as soon as available, but in any case not later than September 1 of each year, the annual work plan and budget for the Project for each subsequent year of Project implementation, of such scope and detail as the Association shall have reasonably requested, except for the annual work plan and budget for the Project for the first year of Project implementation, which shall be furnished no later than one (1) month after the Effective Date.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are: (a) management costs of the Programme Operator in accordance with the detailed budget in the financial plan; (b) payments to projects within this Programme in accordance with the Regulation, this programme agreement and the project contract. 2. Eligible expenditures of projects are those actually incurred by the Project Promoter or project partners, meet the criteria set in Article

  • XXXXXX’S EXPENDITURES If any action or proceeding is commenced that would materially affect Xxxxxx’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Xxxxxxxx. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

  • Business Plan and Budget To the extent requested by any Initial Lender, as soon as available, but in any event within thirty (30) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form satisfactory to such Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a monthly basis for the immediately following fiscal year. As to any information contained in materials filed with the SEC or furnished pursuant to Section 6.2(f), the Borrower shall not be separately required to furnish such information under Section 6.1(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.1(a) and (b) above at the times specified therein.

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • AUTHORIZED EXPENDITURES Only expenditures which are detailed in the approved budget of the grant application, a revised budget, or an amended budget approved by the OAG are eligible for reimbursement with grant funds. Any requested modification to the budget must be submitted by the Provider in writing to the OAG and will require prior approval by the OAG. Budget modification approval is at the sole discretion of the OAG. Any grant funds reimbursed under this Agreement must be used in accordance with the rules implementing the provisions of VOCA, 34 U.S.C. § 20103, Crime Control and Law Enforcement, 28 C.F.R. §§94.101 through 94.122, the federal government-wide grant rules as set forth in the 2 C.F.R. § 200, and the U.S. Department of Justice, (DOJ), Office of Justice Programs, DOJ Grants Financial Guide, (Financial Guide), and any other regulations or guidelines currently or subsequently required by the U.S. Department of Justice and state or federal laws. Expenditures for the acquisition and maintenance of telephones and equipment will be proportional to the percentage of VOCA grant funded staff who utilize the telephones and equipment, as contemplated by this Agreement. Grant funds cannot be used as a revenue generating source and crime victims cannot be charged either directly or indirectly for services reimbursed with grant funds. Third party payers such as insurance companies, victim compensation, Medicare or Medicaid may not be billed for services provided by grant funded personnel to clients. Grant funds must be used to provide services to all crime victims, regardless of their financial resources or availability of insurance or third-party reimbursements. Travel expenses will be reimbursed with grant funds only in accordance with section 112.061, Florida Statutes. Expenditures of state financial assistance must be in compliance with all laws, rules and regulations applicable to expenditures of state funds, including, but not limited to, the Florida Reference Guide for State Expenditures. Only allowable costs resulting from obligations incurred during the term of this Agreement are eligible for reimbursement, and any balances of unobligated cash that have been advanced or paid that are not authorized to be retained for direct program costs in a subsequent period must be refunded to the OAG. Any funds paid in excess of the amount to which the Provider is entitled under the terms of this Agreement must be refunded to the OAG. The Provider will reimburse the OAG for all unauthorized expenditures and the Provider will not use grant funds for any expenditures made by the Provider prior to the execution of this Agreement or after the termination date of this Agreement. If the Provider is a unit of local or state government, the Provider must follow the written purchasing procedures of that governmental agency or unit. If the Provider is a non-profit organization, the Provider will obtain a minimum of three written quotes for all single item grant-related purchases equal to or in excess of $2,500 unless it is documented that the vendor is a sole source supplier. The Provider will use the lowest quote for the purchase.

  • Business Plan The Lenders shall have received a satisfactory business plan for fiscal years 2005 through 2011 and a satisfactory written analysis of the business and prospects of the Borrowers and their Subsidiaries for the period from the Effective Date through the final maturity of the Term Loans.