Common use of Abandonment Fund Clause in Contracts

Abandonment Fund. 30.4.1. Creation: At the end of the first Calendar Year as of the Month in which the CONTRACTOR initiated commercial and regular production of Hydrocarbons in an Exploitation Area, and as of such time, the CONTRACTOR shall carry, within its accounting, a special register called Abandonment Fund, and, in order to guarantee availability of financial resources required to carry out the aforementioned Abandonment program, the CONTRACTOR shall establish an escrow fund, a bank guarantee or such other accepted by the XXX instrument . In either case, the terms and conditions of the agreed instrument shall be determined by the Parties within the year immediately prior to the date in which the abandonment fund must be constituted. In case an agreement might not be reached, the CONTRACTOR shall constitute a bank guarantee as set forth in this clause.

Abandonment Fund. 30.4.131.4.1. Creation: At the end of the first Calendar Year as of the Month in which the THE CONTRACTOR initiated began commercial and regular production of Hydrocarbons in an any Exploitation Area, and as of such timefrom that moment on, the THE CONTRACTOR shall carry, within keep in its accounting, accounts a special register record called Abandonment Fund, Fund and, in order to guarantee the availability of the necessary financial resources required to carry out the aforementioned Abandonment programprogram mentioned in the preceding subsection, the THE CONTRACTOR shall establish an escrow funda fiduciary mandate, a bank guarantee guarantee, or such other another instrument accepted by the XXX instrument THE AXX. In either case, case the terms and conditions of the instrument agreed instrument upon shall be determined by the Parties within the year immediately prior to preceding the date in on which the abandonment fund must Abandonment Fund is to be constitutedestablished. In case an the event that no agreement might not be is reached, the THE CONTRACTOR shall constitute must still furnish a bank guarantee as set forth in upon the terms of this clauseClause.