Minimum Work Obligation definition

Minimum Work Obligation means the minimum work commitment undertaken by Contractor under Article 6, and Annex E.
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Minimum Work Obligation means the minimum Exploration work to be performed by the CONTRACTOR with respect to the First Exploration Period or the Second Exploration Period, as applicable, as described in Annex "C".
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Minimum Work Obligation means the minimum work to be conducted by the Holder in respect of each Sub-period (as defined below) and as specified in the attached Annexure B;
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Examples of Minimum Work Obligation in a sentence

  • Any approved Work Program and Budget decided and submitted by Operator to the Government pursuant to Section 5.2(B)(1)(c) instead of being decided by the Operating Committee pursuant to Section 5.9, however, shall include only such operations for the Joint Account as are necessary to maintain the Contract in full force and effect, including such operations as are necessary to fulfill the Minimum Work Obligation required for the given Calendar Year.

  • After the Minimum Work Obligation has been fulfilled, any Participant shall have the right to elect, by giving notice to the other Participants, to withdraw from this Contract and the JOA.

  • The Work Program and Budget agreed pursuant to this Section 6.1 shall include the Minimum Work Obligation required to be carried out during the Calendar Year in question under the terms of the Contract plus any additional Joint Operations approved by the Operating Committee.

  • After the Minimum Work Obligation has been fulfilled, any Company may elect, and subject to ROC’s prior written consent, by giving notice to the other Participants, to withdraw from the Contract and the JOA.

  • B During the First Exploration Period, and any extension thereof the CONTRACTOR shall meet the respective Minimum Work Obligation for such period as set forth in Annex "C" of this Agreement.

  • If Contractor meets a Minimum Work Obligation, Contractor is not required to meet the corresponding cost estimate.

  • On or before entering into any phase of the Exploration Period, Contractor shall provide Staatsolie with a Company Performance Guarantee guaranteeing the execution of the Minimum Work Obligation, for the relevant phase as described in Annex 6.

  • In the event that the CONTRACTOR timely gives the required written notice to the DEPARTMENT to enter into the Second Exploration Period, the CONTRACTOR shall meet the respective Minimum Work Obligation for such period, and any extension thereof, as set forth in Annex "C" of this Agreement.

  • The fulfillment of any Minimum Work Obligation shall relieve Contractor of the corresponding minimum expenditure obligation.

  • In case the Minimum Work Obligation is exceeded by drilling of additional xxxxx, then application for extension of Exploration Period shall be granted.


More Definitions of Minimum Work Obligation

Minimum Work Obligation means Contractor’s obligations set forth in:
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Minimum Work Obligation means the work obligations that Contractor is required to complete during each Stage of the Exploration Period, as described in Article 6. Natural Gas means Petroleum gas which is primarily methane but may include minor amounts of other Petroleum gases in order to meet heating value specifications at pipeline conditions as required by gas customers. Liquids which are extracted from Petroleum gases and usually known as LPG, condensate or distillate are treated as Crude Oil for the purposes of this Agreement.
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Minimum Work Obligation shall have the meaning set forth in Clause 4.3.
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Related to Minimum Work Obligation

  • Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with the issue of trust certificates or other instruments intended to be issued in compliance with the principles of Shari'ah, whether or not in return for consideration of any kind.

  • Credit Improved Obligation means any Collateral Debt Obligation which, in the Investment Manager’s judgment, has significantly improved in credit quality and in respect of which one of the following is satisfied:

  • Obligation Category means Payment, Borrowed Money, Bond, Loan, or Bond or Loan, only one of which shall be specified in the Standard, and:

  • Minimum Disbursement Amount means Twenty-Five Thousand and No/100 Dollars ($25,000).

  • Minimum Improvements means the acquisition of land and construction of a 64-unit market rate residential apartment building and related improvements. The Minimum Improvements are more fully depicted in Exhibit B, which is attached hereto and incorporated herein.

  • Guaranteed Substantial Completion Date or “Guaranteed Substantial Completion Dates” has the meaning set forth in Section 5.3B.

  • Minimum Term means each minimum initial and subsequent period of service for each Service as shown on the Service Agreement and Order Schedule, the initial period to start on the date on which the relevant Service is first made available to you for use. For the avoidance of doubt, unless otherwise agreed or if not stated on the Service Agreement or order schedules, the Minimum Term will be 12 months or such other period as may be notified to you in accordance with paragraph 19.2.

  • Program Obligations means (1) all applicable statutes and any regulations issued by the Secretary pursuant thereto that apply to the Project, including all amendments to such statutes and regulations, as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process, and (2) all current requirements in HUD handbooks and guides, notices, and mortgagee letters that apply to the Project, and all future updates, changes and amendments thereto, as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process, and provided that such future updates, changes and amendments shall be applicable to the Project only to the extent that they interpret, clarify and implement terms in this Agreement rather than add or delete provisions from such document. Handbooks, guides, notices, and mortgagee letters are available on HUD's official website: (xxxx://xxx.xxx.xxx/offices/adm/hudclips/index.cfm or a successor location to that site)).

  • Guaranteed Maximum Price or “GMP” means the amount proposed by Contractor and accepted by Owner as the maximum cost to Owner for construction of the Project in accordance with this Agreement. The GMP includes Contractor’s Construction Phase Fee, the General Conditions Cost, the Cost of the Work, and Contractor’s Contingency amount.

  • Deactivation Avoidable Cost Credit means the credit paid to Generation Owners pursuant to Tariff, Part V, section 114. Deactivation Avoidable Cost Rate:

  • Minimum Payment means the amount of minimum payment as stated in the Fee Schedule;

  • Current Pay Obligation Any Collateral Obligation that would otherwise be treated as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business judgment, that the Obligor of such Collateral Obligation (a) is current on all interest payments, principal payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the Obligor is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts due and payable thereunder have been paid in Cash when due and (c) the Collateral Obligation has a Market Value of at least 80% of its par value.

  • Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

  • Maximum Facility Output means the maximum (not nominal) net electrical power output in megawatts, specified in the Interconnection Service Agreement, after supply of any parasitic or host facility loads, that a Generation Interconnection Customer’s Customer Facility is expected to produce, provided that the specified Maximum Facility Output shall not exceed the output of the proposed Customer Facility that Transmission Provider utilized in the System Impact Study. Maximum State of Charge:

  • Deliverable Obligation Category means Bond or Loan.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.