WORKING INTEREST OWNERSHIP Sample Clauses

WORKING INTEREST OWNERSHIP. 5.1 As of the Effective Date and during the validity of this Agreement, the Working Interests throughout the Area will be as under: Local Working Interest Owners including GHPL (ABC) (if applicable) 12.5% (Zone-I and Zone-1F) 17.5% (Zone-II) 22.5% (Zone-III) Foreign Working Interest Owners (XYZ) 85% (Zone-I and Zone-1F) 80% (Zone-II) 75% (Zone-III) PHC[of the province(s) in which block is located] 2.5% Provided, however, that during the exploration phase and upto each Date of Commercial Discovery in the Area, XYZ/ABC shall carry 2.50% Working Interest of the PHC subject to the provisions of Article 5.2 hereof. This will also apply to Petroleum exploration operations within a Lease Area. The expenditure incurred during exploration phase/operations will be reimbursed by the PHC in installments from the proceeds of Commercial production over a 5 years period starting from effective date of Declaration of Commerciality. Provided further that the PHC shall, within thirty days of the Declaration of Commerciality, exercise its right to take its decision for full participation which decision shall be conveyed to ABC/XYZ and the DGPC. For the purpose of this Article 5, the Local Working Interest Owners shall mean companies existing under the laws of Pakistan with more than 50% shares held by Pakistanis. The working Interest Owner shall offer two and half percent (2.5%) working interest to the GHPL on full participation basis. The GHPL shall exercise such right by a notice to the Operator within thirty (30) days of the date of receipt of the notice from the Operator. 5.2 At all times Local Working Interest Owners shall maintain [15% (Zone I and Zone 1(F), 20% (Zone-II, 25% (Zone –III] working interest (“Required Minimum Local Working Interest” as define in 1.62), provided however, in the event any Local Working Interest Owner subsequently intends to reduce its Working Interest in a joint venture whereby the collective Working Interest(s) of Local Working Interest Owners becomes lower than the threshold specified herein for Required Minimum Local Working Interest, GHPL and PHC, provided that GHPL and PHC are already Working Interest Owners, shall have the first right to make up the balance Required Minimum Local Working Interest, which shall be offered equally to GHPL and PHC on point forward basis without reimbursement or payment of any past cost. However, such offer for enhancement of working interest shall be on full participation basis. GHPL/PHC shall exercise th...
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WORKING INTEREST OWNERSHIP. As of the Effective Date, the Working Interests throughout the Area will be as under: : 80% (Zone-II) : 75% (Zone-III)
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WORKING INTEREST OWNERSHIP. Article V15 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]16. (a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease. (b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regards to the: (i) technical justification for EWT; (ii) proposed duration for EWT; and 13 If this SA is for a 2009 Model PCA, Article numbers should be in digits and not Roman numerals. 14 Only applicable for PCAs executed prior to Petroleum Policy 2009. 15 Title will be “Government Holding’s Rights” for pre 2001 PCAs. 16 For PCAs entered under Petroleum Policy 1994/1997 and Petroleum Policy2009 it will be Article 5.7 and under Petroleum Policy 2001 it will be Article 5.8. (iii) a plan for disposal of natural gas during the proposed EWT period. (c) The duration of EWT may be allowed keeping in view the reservoir uncertainty and the proposed investment outlay on EWT. The DGPC shall not grant approval to undertake flaring of gas during EWT for a period longer than thirty (30) days if the gas infrastructure is located within twenty-five (25) kilometer radius of the discovery well, unless under exceptional circumstances. (d) During appraisal phase, the Working Interest Owners may be allowed to produce petroleum based on EWT pricing terms and subject to the condition that the production during EWT and post Date of Commercial Discovery would be considered as Commercial Production for the purpose of payment of production bonus, royalty and all other obligations as provided hereunder for a Lease.
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WORKING INTEREST OWNERSHIP. Article V15 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]16. (a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease. (b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regards to the: (i) technical justification for EWT; (ii) proposed duration for EWT; and (iii) a plan for disposal of natural gas during the proposed EWT period.
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WORKING INTEREST OWNERSHIP. Article V12 The following new article shall be inserted at the end of Article V as Article [5.7] [5.8]13. (a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Owners inter alia comply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease. (b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regard to:-
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WORKING INTEREST OWNERSHIP. Article V11 (a) In relation to any New Exploration Effort, and subject to approval of the DGPC and guidelines issued from time to time by DGPC, Working Interest Owners may undertake extended well testing and/or test production and/or early production, as the case may be ("EWT"), during the appraisal phase and before the grant of a Lease. Such approval shall be granted provided that the Working Interest Ownersinter aliacomply with the requisite royalty, tax, rentals of the discovery area and training and social welfare obligations as would be applicable under a Lease. (b) A request for approval of EWT including associated temporary production facilities shall be made to the DGPC providing information with regard to:-
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WORKING INTEREST OWNERSHIP 
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Related to WORKING INTEREST OWNERSHIP

  • Joint Ownership 10 Annuitant............................................................... 10

  • Calculating Interest Assume that you have a single interest rate of 15.99%, your ADB is $2,250 and there are 30 days in the billing period.

  • The Participating Interests Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.

  • Participating Interests Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.

  • Account Ownership Based upon the type of account ownership that you have designated; the following terms and conditions apply.

  • Ownership Interest, Etc The Seller shall (and shall cause the Servicer to), at its expense, take all action necessary or desirable to establish and maintain a valid and enforceable undivided percentage ownership or security interest, to the extent of the Purchased Interest, in the Pool Receivables, the Related Security and Collections with respect thereto, and a first priority perfected security interest in the Pool Assets, in each case free and clear of any Adverse Claim, in favor of the Administrator (for the benefit of the Purchasers), including taking such action to perfect, protect or more fully evidence the interest of the Administrator (for the benefit of the Purchasers) as the Administrator, may reasonably request.

  • Initial Capital Contribution and Ownership The Trust Beneficial Owner has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

  • No Ownership Interest Nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or incidence of ownership of or with respect to the Covered Shares. All rights, ownership and economic benefits of and relating to the Covered Shares shall remain vested in and belong to the Stockholder, and Parent shall have no authority to direct the Stockholder in the voting or disposition of any of the Covered Shares, except as otherwise provided herein.

  • Equipment Ownership The ownership of all equipment provided by the Contractor shall remain with the Contractor, and equipment shall be maintained by the Contractor in accordance with manufacturer recommendations and all Federal (including OSHA), New York State and local codes. The Contractor shall provide and maintain the collection equipment at the Authorized User’s facility(s) for use twenty-four hours per day, seven days per week, 365 days per year. If equipment is removed for longer than brief periods for emptying the container, it shall be replaced with equal type and capacity equipment to ensure continuous dumping ability. If not so provided, the Authorized User shall be provided with a rebate for the amount of time they were unable to dump and the Authorized User may seek "Remedies for Breach" as stated in Appendix B. If the equipment is owned by the Authorized User, the Authorized User assumes liability and costs associated with the equipment and a price reduction may be passed along to the Authorized User representing the difference in cost, if any, for the Contractor not having to provide the equipment.

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