153 the governments revenue share shall be determined

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15.3 The Government's Revenue Share shall be determined separately for Crude Oil and Natural Gas in accordance with the production - price matrix by reference to the applicable price band and production tranche as detailed in Appendix D. 15.4 The Contractor's share of Revenue from Petroleum Produced and Saved, shall be the amount of Revenuefor the relevant month remaining after deducting the Government's Revenue Share ( “Contractor’s RevenueShare” ). 15.5 The Government’s Revenue Share shall be paid as follows: (i) in the event that the Revenue generated from the Petroleum Produced and Saved, and the amounts in the Escrow Account are sufficient to make the payments of the Government’s Revenue Share, then the said amount shall be paid from the Escrow Account by the Contractor to the Government within a period of fifteen (15) days from the end of the relevant month. Any outstanding portion of the Government’s Revenue Share will attract interest at the rate of 10% per annum, or (ii) if the Revenue in the Escrow Account is not sufficient to make the payments of the Government’s Revenue Share, then the payment shall be made directly by the Contractor in the form of a demand draft drawn in favour of “Pay and Account Officer, MoP&NG”, Shastri Bhavan, New Delhi or its successor. The payment of Government’s Revenue Share under this Article 15.5 shall be accompanied by the calculation of the Government’s Revenue Share together with the calculation of the total Revenue generated during the relevant month for which the payment is duly made. Such
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41 calculation shall be duly certified by theauditor of the Escrow Account mutually agreed to be appointed by the Parties for this purpose. If the Contractor and the Government fail to mutually agree to the appointment of such auditor, the auditor shall be appointed by the Government. ARTICLE 16 ESCROW ACCOUNT 16.1 Escrow Account (a) The Contractor shall, within [●] days of execution of this Contract, open and establish an Escrow Account with a bank acceptable to Government (the “Escrow Bank”) in accordance with this Contract read with the escrow agreement, a draft of which is provided in Appendix E (“Escrow Agreement”). (b) The creation and operation of the Escrow Account shall be governed by the Escrow Agreement. 16.2 Deposits into Escrow Account The Contractor shall deposit all the Revenues as defined in Article 1.2.96 of this Contract. 16.3 Withdrawals during Contract Period The Contractor shall, at the time of opening the Escrow Account, give irrevocable instructions, under the Escrow Agreement, to the Escrow Bank instructing, inter alia , that: (i) until the delivery by the Government to the Escrow Bank of written notice of the occurrence of an Event of Default in the payment of the Government’s Revenue Share by the Contractorunder the Contract (with a copy to the Contractor);on each Business Day all funds and monies that become available in the Escrow Account, be withdrawn from the Escrow Account and be
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  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

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