Minimum Expenditure Obligation definition

Minimum Expenditure Obligation means that amount which shall be the minimum amount to be spent by the Contractor as specified in Article 6.2.

Minimum Expenditure Obligation means the amounts set out in Article 4.2 of this Agreement for the Initial Period, the First Extension Period and the Second Extension Period, respectively;

Minimum Expenditure Obligation means the amounts set out at the end of, respectively the First Phase, the Second Phase and the Third Phase in Article 3 (Lessee’s Exploration Work Commitments).

Examples of Minimum Expenditure Obligation in a sentence

• Before the commencement of the Phase II of the Exploration Period the Concessionaire shall deliver to the Grantor a similar bank guarantee for an amount equal to One Hundred percent (100 %) of the total Minimum Expenditure Obligation in respect of the Phase II of the Exploration Period to be undertaken by the Concessionaire in the Contract Area.

• The Concessionaire shall have a Minimum Expenditure Obligation of [x] US Dollars (USD [x]) for the purpose of the Minimum Work Obligations in the Phase I of the Exploration Period.

• XIV Site coverage, height and bulk of building under various types of buildings: Site coverage and the height upto which building may be erected within independent residential and industrial plots, shall be according to the provisions contained in Chapter VII of the rules.

• Subject to provisions of this Article and Article 21 of this Contract, if the Concessionaire fails to satisfy the requirements of the Exploration Work Program both technical and expenditure commitments with respect to the applicable Exploration Phase, the Concessionaire shall pay to the Grantor the amount equal to the unexpended balance of the Minimum Expenditure Obligation with respect to such Exploration Phase.

• Subject to Article 3.3, if, at the end of any Phase, the Actual Expenditure incurred by the Lessee during that Phase (taking account of any amount carried forward pursuant to Article 3.4) does not equal or exceed the Minimum Expenditure Obligation for that Phase, the Bank Guarantee shall provide for the payment thereunder to the Lessor of the full amount of the shortfall.

• The Lessee shall five (5) days before the date on which this Agreement is ratified and, if the Lessee has given notices to the Lessor under Article 2.1(b) or Article 2.1(c), on the first day of the Second Phase or the first day of the Third Phase, respectively, provide, a Bank Guarantee in respect of the Minimum Expenditure Obligation (less any amount credited in accordance with Article 3.4) for the relevant Phase.

• Where the Actual Expenditure incurred by the Lessee during a Phase exceeds the Minimum Expenditure Obligation for that Phase, the amount of such excess shall be carried forward and credited against the Minimum Expenditure Obligation in the next succeeding Phase; provided, however that nothing in this provision shall be construed as extinguishing, postponing or modifying any obligation of the Lessee to drill an Exploration Well pursuant to this Article.

• The Company, as per the Production Sharing Agreement (PSA) signed with the Republic of Yemen for carrying out exploration in Block-29, was required to submit an irrevocable letter of credit, issued by a local bank of Yemen, to the Ministry of Oil and Gas, Yemen, for its share of Minimum Expenditure Obligation amounting to US$ 7.5 million for the first exploration period of 4 years.

• The aforementioned bank guarantee is reduced to $nil on 12 July 2019 and therefore expired since the relevant actual expenditures exceeds the amount of the Minimum Expenditure Obligation as per Ioannina Lease Agreement.

• The corresponding Minimum Expenditure Obligation is fifty million U.S. Dollars ($ U.S. 50,000,000).

More Definitions of Minimum Expenditure Obligation

Minimum Expenditure Obligation means the minimum expenditures to be incurred by the CONTRACTOR for Exploration with respect to the First Exploration Period or the Second Exploration Period, as applicable, as described in Annex "C".

Minimum Expenditure Obligation means the minimum monetary spend to which the Investor has committed „Minimalna financijska obveza” znači najmanji novčani trošak na koji se Investitor obvezao u odnosu na Minimalne radne in order to meet Minimum Work Obligations to be conducted in each respective Exploration Phase as provided in Article 5.2 of the Agreement. obveze koje će obavljati u svakoj odnosnoj Istražnoj fazi, xxxx xx utvrđeno u članku 5.2 Ugovora.

Minimum Expenditure Obligation means the amounts set out in Article 4.2 of this Agreement for the Initial Period, the First Extension Period and the Second Extension Period, respectively;

Minimum Expenditure Obligation means the minimum monetary spend to which the Contractor has committed in respect of Exploration Operations to be conducted in each respective Exploration Phase.