Common use of Types of Financial Guarantees Clause in Contracts

Types of Financial Guarantees. The Concessionaire may provide ANP with the following types of financial guarantee of the compensatory penalty for default of the Minimum Exploration Program: letter of credit; performance bond; oil and gas pledge agreement; and escrow deposit, exclusively for Blocks onshore. The financial guarantees may be combined in order to total the amount guaranteed. The financial guarantees shall comply with the form indicated in the tender protocol. The financial guarantees may only be replaced or changed after approval by ANP.

Types of Financial Guarantees. The Concessionaire may provide ANP with the following types of financial guarantee of the compensatory penalty for default of the Minimum Exploration Program: letter of credit; performance bond; oil Oil and gas Gas pledge agreement; and escrow deposit, exclusively for Blocks onshore. The financial guarantees may be combined in order to total the amount guaranteed. The financial guarantees shall comply with the form indicated in the tender protocol. The financial guarantees may only be replaced or changed after approval by ANP.

Types of Financial Guarantees. The Concessionaire may provide ANP with the following types of financial guarantee of the compensatory penalty for default non-performance of the Minimum Exploration Program: letter of credit; performance bond; oil Oil and gas Gas pledge agreement; and escrow deposit, exclusively for Blocks onshore. The financial guarantees may be combined in order to total the amount guaranteed. The financial guarantees shall comply with the form indicated in the tender protocol. The financial guarantees may only be replaced or changed after approval by of ANP.