Common use of FOURTH PARAGRAPH Clause in Contracts

FOURTH PARAGRAPH. The percentage shall cover internal services as well as services bought externally. The expenses covered by the percentage shall not be subject to any audit. Services of an extraordinary nature which are beneficial to one or several joint ventures on the Icelandic Continental Shelf shall be chargeable directly to the relevant joint ventures in addition to the percentage. If the expenses for services of an extraordinary nature are known at the time when the Operator submits the budget proposal for the coming year, these expenses are to be included in the budget proposal. In all cases, the management committee shall be informed of any such expense in the monthly report. Extraordinary nature means work performed by the Group Staffs of a particularly large or unusual scope and not comprising work which forms part of the ordinary operation of one or several joint ventures (major investigations, reports and crisis management related to accidents and the like, the establishment of new group systems and other extraordinary activities). Expenses related to services of an extraordinary nature shall be documented by way of work description and may be subject to an audit. Expenses covered by this Article 2.2.3 shall not be charged to the joint ventures in any other way. 2.2.4 Additional Indirect cost The Indirect cost not covered by Articles 2.2.2 and 2.2.3 and which accrue to the Operator or the Operators' Affiliated companies for the Joint operation in Iceland, shall be calculated on the basis of cost studies and shall be charged to the Joint Account each month pursuant to the distribution key described in Article 2.2.1.

FOURTH PARAGRAPH. The percentage shall cover internal services as well as services bought purchased externally. The expenses covered by the percentage shall not be subject to any audit. Services of an extraordinary nature which are beneficial to for one or several more joint ventures on the Icelandic Norwegian Continental Shelf shall be chargeable directly to the relevant joint ventures in addition to the percentage. If the expenses for services of an extraordinary nature are known at the time when the Operator submits the budget proposal for the coming year, these expenses are to be included in the budget proposal. In all cases, the management committee shall be informed of any such expense expenses in the monthly report. Extraordinary nature means work performed by the Group Corporate Staffs of a particularly large or unusual scope and not comprising work which forms part of the ordinary operation of one or several more joint ventures (major investigations, reports and crisis management related to accidents and the like, the establishment of new group systems and other extraordinary activities). Expenses related to services of an extraordinary nature shall be documented by way of work description and may be subject to an audit. Expenses covered by this Article 2.2.3 shall not be charged to the joint ventures in any other way. 2.2.4 Additional Indirect cost costs The Indirect cost costs not covered by Articles 2.2.2 and 2.2.3 and which accrue to the Operator or the Operators' Operator’s Affiliated companies for the Joint operation in IcelandNorway, shall be calculated on the basis of cost studies and shall be charged to the Joint Account each month pursuant to the distribution key formulas described in Article 2.2.1.