Abandonment Security. If under the Contract or Laws / Regulations, the Parties are or become obliged to pay or contribute to the cost of ceasing operations, then during preparation of a Development Plan, the Parties shall negotiate a security agreement, which shall be completed and executed by all Parties participating in such Development Plan prior to application for an Exploitation Area. The security agreement shall incorporate the following principles:
Abandonment Security. A withdrawing Party shall provide Security satisfactory to the other Parties to satisfy any such obligations or liabilities which were approved or accrued prior to notice of withdrawal, but which become due after its withdrawal, including, without limitation, Security to cover the costs of an abandonment, if applicable; provided that the withdrawing Party was participating or was obligated to participate in the operations which gave rise to such obligations or liabilities. "
Abandonment Security. If under the terms of the Contract or applicable law, the Parties are or become obliged to pay or contribute to the cost of ceasing operations, then the following provisions shall apply:
Abandonment Security. Notwithstanding Article 10.4, if under the Licence or the Laws, the Parties are or become obliged to pay or contribute to the cost of ceasing operations, then during preparation of a Development Plan, the Parties shall negotiate an abandonment agreement, which shall be completed and executed by all Parties participating in such Development Plan prior to application for an Exploitation Area. The abandonment agreement shall incorporate appropriate provisions for security.
Abandonment Security. 59 ARTICLE 11
Abandonment Security. 87 13.9 Withdrawal or Abandonment by all Parties ....................................... 88
Abandonment Security. [OPTION #2] CONTRACTOR shall provide acceptable Abandonment security to QP in the form of a parent company guarantee or a third party guarantee. Such guarantee shall provide that the CONTRACTOR and QP shall establish an Abandonment fund and the CONTRACTOR shall fully fund such Abandonment fund no later than 180 days prior to the termination of this Agreement. Such guarantee shall further provide that, in the event the CONTRACTOR does not timely fund the Abandonment fund then the Guarantor shall do so within thirty days following notice of such funding failure, in whole or in part, from QP.
Abandonment Security. [X] ALTERNATIVE NO. 1 -
Abandonment Security. During preparation of a Development Plan, the Parties shall negotiate and agree a security agreement, which shall be completed and executed by all Parties participating in such Development Plan prior to application for an Exploitation Area. The security agreement shall set out the amount of the provision the parties shall provide for the abandonment of operations and, required, agree the same with the Government in accordance with the Contract.
Abandonment Security. (A) The Operator shall perform, on behalf of the Joint Venture, all obligations resulting from the Petroleum Contract and the applicable law in respect of providing security for the cost of abandonment of xxxxx and other facilities used to extract and treat Hydrocarbons (hereinafter jointly called the “Mining Establishment”), located within the Contract Area, including the obligation to establish a mining establishment liquidation fund.
