Minimum Financial Commitment definition

Minimum Financial Commitment has the meaning ascribed to it in Clause 7.3(a);

Minimum Financial Commitment has the meaning given to it in the PSCs;

Minimum Financial Commitment has the meaning ascribed to it in Clause 7.3(a); "Minimum Work Obligations" has the meaning ascribed to it in Clause 7.2; "National Petroleum Account" means the account established in accordance with the Oil Revenue Law; "National Petroleum Agency" or "Agência Nacional do Petróleo" means the State regulatory agency established by the Government Decree-Law 5/2004 of the 30th of June, which is responsible for the regulation and supervision of Petroleum Operations or any agency which succeeds the National Petroleum Agency with respect to some or all of its powers; "Natural Gas" or “Gas” means all gaseous hydrocarbons and inerts, including wet mineral gas, dry mineral gas, gas produced in association with Crude Oil and residue gas remaining after the extraction of liquid hydrocarbons from wet gas, but not including Crude Oil; "Oil Revenue Law" means the oil revenue law of the State, Law No. 8/2004 of the 30th of December, as amended, supplemented or replaced from time to time; "Operating Costs" means expenditures incurred and obligations made as determined in accordance with Article 2 of the Accounting Procedures; 6 "Parties" or "Party" means the parties or a party to this Contract; "Person" means any individual or legal entity, consortium, join venture, partnership, trust, heir, unincorporated or incorporated organization, or government or any agency or local entity, whether national or foreign, Resident or Non-Resident (as defined in the Petroleum Taxation Law) of Sao Tome and Principe; "Petroleum" means:

Examples of Minimum Financial Commitment in a sentence

• Upon receipt of Shire’s written notice, Centogene shall re-establish the suspended Services as soon as reasonably practicable and Shire shall then resume the originally agreed Minimum Financial Commitment payments.

• If the Suspension Event only applies to less than the totality of Shire Products and/or the whole Territory under this Agreement, Shire and Centogene shall promptly meet and re-negotiate in good faith the Target Volumes as well as the Minimum Financial Commitment, provided, however, that any reduction of the Minimum Financial Commitment shall only take effect after a grace period of ninety (90) days after the suspension by Shire.

• However, if Centogene successfully ramps-up the alternate facility operated by Centogene within [*****] calendar days, Shire shall make the Minimum Financial Commitment under Section 3.6(a) (on a prorated basis) for such period.

• When such Suspension Event no longer exists, the amended Target Volumes and Minimum Financial Commitment agreed pursuant to the preceding sentence of this Section 7.2 shall no longer apply and Centogene’s originally agreed Target Volumes and Shire’s obligation to make the originally agreed Minimum Financial Commitment shall revive from such moment on a pro rata basis for the respective calendar year.

• Shire shall not be obliged to make the Minimum Financial Commitment under Section 3.6(a) (on a prorated basis) for the period in which a Service Failure existed and Centogene shall reimburse Shire for any Minimum Financial Commitment payments made during such period.

• Centogene acknowledges that Shire has no obligation to order Diagnostic Tests in the above Target Volumes or to ensure achievement of any Yearly Target Volume, but shall be obliged to make the Minimum Financial Commitment pursuant to Section 3.6(a).

• Shire shall pay to Centogene the fees for Services actually rendered until the effective date of termination, provided that in the event of termination in accordance with Section 12.3 above, Shire shall have no further obligation to make the Minimum Financial Commitment for the respective year.

• Upon suspension of Services under Section 7.1 Shire shall not be obliged to make the Minimum Financial Commitment for as long as and to the extent that any or all Suspension Events continue to exist.

• Employers with multiple workplaces are required to complete a Multiple Worksite Report (MWR).

• At the signing of contract unless otherwise specified, the Minimum Financial Commitment will be set at the Tier 1 Baseline.