Common use of Payment and Currency Clause in Contracts

Payment and Currency. 22.1 All payments, which this Contract obligates Contractor to make to Petrobangla, shall be made in Dollars to a bank designated by Petrobangla. Contractor may make payment in other currencies, if acceptable to Petrobangla. 22.2 Payments due to Contractor from Petrobangla shall be made in Dollars or any other currency acceptable to Petrobangla and Contractor at a bank inside or outside of Bangladesh to be designated by Contractor, except that minimum 7.5% of invoiced amount may be paid in Taka (converted from Dollar to Taka at the exchange rate applicable on the date of payment) to meet local expenses of the Contractor at any scheduled bank of Bangladesh as designated by Contractor. 22.3 Contractor shall have the right to receive, retain abroad and use without restriction the entirety of proceeds received from its export sales of its share of Petroleum from the Contract Area, as well as any proceeds paid for Petroleum sold by Contractor to meet internal demand. 22.4 Contractor shall during the term of this Contract have the right without the imposition of any control, except as otherwise imposed by the terms of this Contract, to make any payments and to maintain and operate bank accounts outside Bangladesh in whatsoever currency; Contractor shall also operate and maintain Dollar or other foreign currency bank accounts within Bangladesh subject to applicable laws. 22.5 Except as otherwise provided, any payments, which Petrobangla is required to make to Contractor and which Contractor is required to make to Petrobangla pursuant to this Contract, shall be made within sixty (60) days following the end of the month in which the obligation to make such payments arise. 22.6 In respect of other matters of foreign exchange arising in any way out of or in connection with this Contract and not specifically mentioned herein, Contractor shall be entitled to receive similar treatment as accorded to any other international Petroleum exploration or production company carrying on business in Bangladesh. 22.7 Contractor is to pay abroad, in any currency it may desire, from its accounts outside Bangladesh, without conversion into Taka, for the goods and services it may require or any other expenses incurred for Petroleum Operations under this Contract. 22.8 Where applicable, the provisions of this Article shall also apply to the foreign sub- contractors of Contractor working in Bangladesh.

Payment and Currency. 22.1 All payments, which this Contract obligates Contractor to make to Petrobangla, shall be made in Dollars to a bank designated by Petrobangla. Contractor may make payment in other currencies, if acceptable to Petrobangla. 22.2 Payments due to Contractor from Petrobangla shall be made in Dollars or any other currency Currency acceptable to Petrobangla and Contractor at a bank inside or outside of Bangladesh to be designated by Contractor, except that minimum 7.5% of invoiced amount may be paid in Taka Local Currency (converted from Dollar to Taka Local Currency at the exchange rate applicable on the date of payment) to meet local expenses of the Contractor at any scheduled bank of Bangladesh as designated by Contractor. 22.3 Contractor shall have the right to receive, retain abroad and use without restriction the entirety of proceeds received from its export sales of its share of Petroleum from the Contract Area, as well as any proceeds paid for Petroleum sold by Contractor to meet internal demand. 22.4 Contractor shall during the term of this Contract have the right without the imposition of any control, except as otherwise imposed by the terms of this Contract, to make any payments and to maintain and operate bank accounts outside Bangladesh in whatsoever currency; Contractor shall also operate and maintain Dollar or other foreign currency bank accounts within Bangladesh subject to applicable laws. 22.5 Except as otherwise provided, any payments, which Petrobangla is required to make to Contractor and which Contractor is required to make to Petrobangla pursuant to this Contract, shall be made within sixty (60) days following the end of the month in which the obligation to make such payments arise. 22.6 In respect of other matters of foreign exchange arising in any way out of or in connection with this Contract and not specifically mentioned herein, Contractor shall be entitled to receive similar treatment as accorded to any other international Petroleum exploration or production company carrying on business in Bangladesh. 22.7 Contractor is to pay abroad, in any currency it may desire, from its accounts outside Bangladesh, without conversion into Taka, for the goods and services it may require or any other expenses incurred for Petroleum Operations under this Contract. 22.8 Where applicable, the provisions of this Article shall also apply to the foreign sub- contractors of Contractor working in Bangladesh.