Common use of Abandonment Security Clause in Contracts

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. A (A) As a condition to the effectiveness of its withdrawal, a withdrawing Party shall provide Security reasonably 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, including Security to cover the costs of an abandonmentany abandonment and Decommissioning and the special reserve account under the Contract, if applicable; provided that the withdrawing Party was participating or was obligated . (B) Failure to participate in the operations which gave rise to such obligations or liabilities. "provide Security shall constitute default under this Agreement.

Abandonment Security. A withdrawing Party shall provide Security 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 security to cover the costs of an abandonment, if applicable; provided that . Failure to provide security shall constitute default under this Agreement. For the withdrawing Party was participating purposes of this Section 11.8, "security" means a standby letter of credit or was obligated to participate in the operations which gave rise to such obligations or liabilitiesbond issued by a first class bank. "WITHDRAWAL OR ABANDONMENT BY ALL PARTIES

Abandonment Security. (A) 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 . (B) Failure to participate in the operations which gave rise to such obligations or liabilities. "provide Security shall constitute default under this Agreement.