Common use of Abandonment Fund Clause in Contracts

Abandonment Fund. 31.4.1. Creation: At the end of the first Calendar Year of the Month in which THE CONTRACTOR began commercial and regular production of Hydrocarbons in any Exploitation Area, and from that moment on, THE CONTRACTOR shall keep in its accounts a special record called Abandonment Fund and, to guarantee the availability of the necessary financial resources to carry out the Abandonment program mentioned in the preceding subsection, THE CONTRACTOR shall establish a fiduciary mandate, a bank guarantee, or another instrument accepted by THE AXX. In either case the terms and conditions of the instrument agreed upon shall be determined by the Parties within the year immediately preceding the date on which the Abandonment Fund is to be established. In the event that no agreement is reached, THE CONTRACTOR must still furnish a bank guarantee upon the terms of this Clause.

Abandonment Fund. 31.4.130.4.1. Creation: At the end of the first Calendar Year as of the Month in which THE the CONTRACTOR began initiated commercial and regular production of Hydrocarbons in any an Exploitation Area, and from that moment onas of such time, THE the CONTRACTOR shall keep in carry, within its accounts accounting, a special record register called Abandonment Fund Fund, and, in order to guarantee the availability of the necessary financial resources required to carry out the aforementioned Abandonment program mentioned in program, the preceding subsection, THE CONTRACTOR shall establish a fiduciary mandatean escrow fund, a bank guarantee, guarantee or another instrument such other accepted by THE AXXthe XXX instrument . In either case case, the terms and conditions of the agreed instrument agreed upon shall be determined by the Parties within the year immediately preceding prior to the date on in which the Abandonment Fund is to abandonment fund must be establishedconstituted. In the event that no case an agreement is might not be reached, THE the CONTRACTOR must still furnish shall constitute a bank guarantee upon the terms of as set forth in this Clauseclause.