Abandonment Fund Sample Clauses

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 A▇▇. 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. All contributions made by Contractor to the Abandonment Fund.

Abandonment Fund. Cost Recovery Abandonment Fund payments made by Contractor to Petrobangla shall be cost recoverable.

Abandonment Fund. Will have the meaning foreseen in Article 40.1.

Abandonment Fund. 39.1. Within thirty (30) calendar Days following the approval of the Development Plan by MEM, the Contractor shall open a custody or Escrow account (the "Abandonment Fund"), in a banking institution of recognized reputation and solvency chosen by the Contractor with the favourable opinion of MEM. In the event that MEM rejects the proposal of the banking institution of the Contractor, the contractor must propose three (3) alternative institutions in a term no greater than thirty (30) calendar Days. 39.2. The custodian account agent or Escrow must invest the resources received available in financial instruments issued by financial institutions, corporations or governments with credit ratings of at least A- / A3 whose validity does not exceed the time when such resources are required to fund Abandonment activities in accordance with the investment policies established in the custody contract or Escrow. The Parties agree that the purpose of the Abandonment Fund is to create a reserve to fund the Abandonment operations in the Contract Area. The Contractor may not make use of the funds deposited in the Abandonment Fund for any other purpose than carrying out the Abandonment operations in the Contract Area, nor shall he have the right to give as guarantee, assign or dispose of in any other way the resources that make up the Abandonment Fund. The foregoing without prejudice to any other requirement imposed by the applicable regulations

Abandonment Fund. THE CONTRACTOR will establish a fund to guarantee the financing of activities that are necessary to undertake an Abandonment program of the ▇▇▇▇▇ and an environmental renewal of production areas when their Production Period ends, in accordance with Good Oil Industry Practices and pursuant to the following stipulations:

Abandonment Fund. Operator shall have the right to require each or any Participating Party to advance its proportionate share of all estimated costs and expenses for the disposition of any Platforms and Facilities, the abandonment of any ▇▇▇▇▇ and any other site restoration obligations under the Lease, less the estimated salvage value at the expected time of abandonment as determined in accordance with Exhibit "C" ("Abandonment Fund"). Operator and Non-Operators have agreed that $3,300,000.00 ("Abandonment Amount") is to be deposited in the Abandonment Fund. Operator shall have no liability to Non-Operators or to any third party for a failure to establish the Abandonment Fund or for incorrectly estimating the Abandonment Amount. Payments shall be made into the Abandonment Fund based upon a per mcf (thousand cubic feet) charge of $0.31, which amount shall be deducted by the Operator from its share of gross production revenues and the share of gross production revenues for each Non-Operator until the full Abandonment Amount has been funded. Until the full Abandonment Amount has been funded from these revenues, the Non-Operators shall not have the right to take in kind or separately dispose of their shares of Petroleum Substances from the Lease. The Abandonment Fund shall be held in a suspense account by Operator until an independent escrow account is established. The escrow account shall provide for payment of the escrowed funds at the time the disposition or abandonment operations are performed and shall be to the contractors performing the disposition or abandonment operations or to the then Operator for appropriate distribution. If the escrow amount is insufficient to pay the disposition or abandonment costs, each Participating Party shall pay the balance of such costs pursuant to the terms of this Agreement. The escrow account shall be an interest bearing account. Any excess funds including interest after all disposition and abandonment operations are performed shall be returned to the Parties in proportion to each Party's participation in the Abandonment Fund. In lieu of payment into the Abandonment Fund, any Participating Party may elect to furnish an irrevocable letter of credit in favor of the other Participating Parties, proof of coverage under adequate plugging and abandonment bonds, (subrogated in favor of the Operator) or other financial assurances acceptable to Operator to provide for that Party's estimated proportionate share of the Abandonment Fund. The letter ...

Abandonment Fund. It has the meaning provided for in 0hereunder;

Abandonment Fund. THE CONTRACTOR will establish a fund to guarantee the financing of activities that are necessary to undertake an Abandonment program of the ▇▇▇▇▇ and an environmental renewal of production areas when their Production Period ends, in accordance with Good Oil Industry Practices and pursuant to the following stipulations: 22.1 Creation: Upon the expiration of the first calendar Year from the Month in which THE CONTRACTOR began commercial and regular production of Hydrocarbons in a Production Area, and uninterruptedly from thereon THE CONTRACTOR will keep a special accounting record called Abandonment Fund, in order to implement the Abandonment Program. To guarantee that the necessary financial resources are available, THE CONTRACTOR will establish an escrow account, a bank guarantee or any other instrument accepted by the ▇▇▇. In either case, the Parties will determine the terms and conditions of the agreed instrument in the Year immediately preceding the date on which the Abandonment Fund must be established. Should no agreement be reached, THE CONTRACTOR will, at any rate, establish a bank guarantee pursuant to the terms of this Clause.