Common use of Continuation of Interest Clause in Contracts

Continuation of Interest. If within thirty (30) Days after each failure by the Defaulting Party to remedy its default by the thirtieth (30th) Day following notice of default the non-defaulting Parties elect to not acquire the Defaulting Party's Participating Interest as provided in Article 8.4 and to continue to bear the Defaulting Party's Participating Interest share of liabilities and expenses, then the non-defaulting Parties shall accumulate all such liabilities and expenses as a debt pursuant to Article VIII, but the Defaulting Party shall continue to be a Party subject to Article 8.2 and Article 8.7. If Operator disposes of any Joint Property or any other credit or adjustment is made to the Joint Account, or if Operator sells any of the Defaulting Party's Participating Interest share of Hydrocarbons, then, in respect of the Defaulting Party's Participating Interest share of the proceeds of such disposal, credit or adjustment or sale, Operator shall be entitled to retain and to set off the same against all amounts, together with interest accrued on such amount, due and owing from the Defaulting Party plus an accrued amount equal to the Defaulting Party's Participating Interest share of the estimated cost to abandon any Joint Property. Any surplus remaining after setting off the same as aforesaid shall be paid promptly to the Defaulting Party.

Continuation of Interest. If If, within thirty (30) Days after each failure by the Defaulting Party to remedy its default by the thirtieth (30th) Day following notice the Defaulting Party's receipt of default the Default Notice, the non-defaulting Parties fail to elect to not acquire the Defaulting Party's Participating Interest or elect not to acquire the Defaulting Party's Participating Interest, as provided in Article 8.4 and to continue to bear the Defaulting Party's Participating Interest share of liabilities and expenses, then the non-defaulting Parties shall either (a) abandon operations hereunder pursuant to Article 8.6, or (b) accumulate all such liabilities and expenses as a debt pursuant to Article VIII, but the Defaulting Party shall continue to be a Party subject to Article 8.2 and Article 8.7. If Operator disposes of any Joint Property or any other credit or adjustment is made to the Joint Account, or if Operator sells any of the Defaulting Party's Participating Interest share of Hydrocarbons, then, in respect of the Defaulting Party's Participating Interest share of the proceeds of such disposal, credit or adjustment or sale, Operator shall be entitled to retain and to set off the same against all amounts, together with interest accrued on such amount, due and owing from the Defaulting Party plus an accrued amount equal to the Defaulting Party's Participating Interest share of the estimated cost to abandon any Joint Property. Any surplus remaining after setting off the same as aforesaid shall be paid promptly to the Defaulting Party.

Continuation of Interest. If within 7.5 If, during the thirty (30) Days days after each the failure by the Defaulting Party to remedy its default by the thirtieth (30th) Day day following notice of default default, the non-defaulting Parties elect to not acquire the Defaulting Party's Participating Interest as provided in Article 8.4 Section 7.4 and to continue to bear the Defaulting Party's Participating Interest share of liabilities and expensesContractor's Expenses, then the non-defaulting Parties Party shall accumulate all such liabilities and expenses as a debt pursuant to Article VIIIPart 7, but the Defaulting Party shall continue to be a Party subject to Article 8.2 Section 7.2 and Article 8.7Section 7.7. If Operator disposes of any Joint Property or any other credit or adjustment is made to of the Joint AccountContractor's Rights and Interests for valuable consideration, or if Operator sells any of the Defaulting Party's Participating Interest share of Hydrocarbonsthe Contractor's allocation of Petroleum, then, in respect of the Defaulting Party's Participating Interest share of the proceeds of such disposal, credit or adjustment or sale, Operator shall be entitled to retain and to set off the same against all amounts, together with interest accrued on such amount, due and owing from the Defaulting Party plus an accrued amount equal to the Defaulting Party's Participating Interest share of the estimated cost to abandon any Joint Propertythe Contractor's Rights and Interests. Any surplus remaining after setting off the same as aforesaid shall be paid promptly to the Defaulting Party.