Examples of Approved Work Programme in a sentence
Notwithstanding anything in this Agreement, the Company may at any time incur, and may require the Shareholders to fund, Allowable Expenditures that the Manager determines (acting reasonably), and the Board agrees, are necessary to protect life or property or the assets of the Company or to comply with Applicable Laws without an Approved Work Programme and Budget.
If the Shareholders who have fully subscribed elect to do so, the Ownership Interests of the Shareholders who have not shall be recalculated, as at the date of such further subscription, in accordance with Clause 11.6. If such Approved Work Programme and Budget is still not fully subscribed, then the Board shall curtail or modify the Approved Work Programme and Budget to be consistent with the level of funding subscribed by the Shareholders.
The Company shall not proceed with an Approved Work Programme and Budget which is not fully subscribed.
This procedure shall be repeated as often as is necessary until the Approved Work Programme and Budget is fully subscribed or until no subscribing Shareholder remains who is willing to subscribe for the whole of the unsubscribed portion of the Approved Work Programme and Budget.
Should the Board for any reason fail to adopt a Work Programme and Budget during the Mining Phase subsequent to the initial Approved Work Programme and Budget during such phase, and subject to contrary direction of the Board and the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Approved Work Programme and Budget during such Mining Phase for a maximum period of six months.
Subject to the Sole Funding provisions of this Agreement, the Board shall determine the extent to which and the sources from which funds shall be required to fund an Approved Work Programme and Budget.
Notwithstanding the foregoing and the terms of the Services Agreement, the Board shall retain the discretion to prepare a Work Programme and Budget as it, in its sole discretion, deems appropriate in circumstances where (i) the Board has not approved a proposed Work Programme and Budget prepared by the Manager for any reason, (ii) amendments or changes to an Approved Work Programme and Budget are required, or (iii) no Manager has been appointed.
No work shall be conducted or undertaken nor shall any Expenditure be incurred or funded by the Company (either directly or indirectly through its employees, directors, officers or agents, including the Manager), unless such work or Expenditure is contemplated by an Approved Work Programme and Budget and otherwise complies with the provisions of this Agreement.
The amount of each cash call shall be in accordance with the then applicable Approved Work Programme and Budget, provided however that the Company may make adjustments to any Cash Call schedule provided for in an Approved Work Programme and Budget due to the normal timing differences (acceleration or delay of specific work items under the implementation of Approved Work Programmes and Budgets) that may occur within a quarter.
All costs and entitlements relating to the respective contracts are shared between the JV Partners in accordance with the terms of the JOA.Under the PSC, the JV Partners fund the works as outlined in the Approved Work Programme and Budget (‘WP&B’) and are entitled to recover costs from production (referred to as “cost oil” and “cost gas”), subject to the cost oil/gas limit of the respective PSC.