Common use of Abandonment Trust Clause in Contracts

Abandonment Trust. If the Contractor declares a Commercial Discovery, the Contractor shall establish an investment trust (the “Abandonment Trust”) that will be jointly controlled by CNH and the Contractor at a financial Mexican institution authorized by CNH. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than Abandonment activities within the Contract Area, and shall not be entitled to pledge, assign or otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.

Abandonment Trust. If the Contractor declares a Commercial Discovery, the The Contractor shall establish set an investment trust (the “Abandonment Trust”) that will be ), jointly controlled by CNH and the Contractor at a financial Mexican banking institution authorized approved by CNH. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than conducting Abandonment activities within in the Contract Area, and shall not be entitled to pledge, assign or otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.

Abandonment Trust. If the Contractor declares a Commercial Discovery, the Contractor shall establish an investment trust (the “Abandonment Trust”) that will be jointly controlled by CNH and the Contractor at a bank designated by a financial Mexican institution authorized by CNH. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than Abandonment activities within the Contract Area, and shall not be entitled to pledge, assign or otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.

Abandonment Trust. If the Contractor declares a Commercial DiscoveryDiscovery has been declared, the Contractor shall establish an investment trust (the “Abandonment Trust”) that will be ), jointly controlled by CNH and the Contractor at a financial Mexican banking institution authorized approved by CNH. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than conducting Abandonment activities within in the Contract Area, and shall not be entitled to pledge, assign or otherwise dispose of the resources in the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.

Abandonment Trust. If the Contractor declares a Commercial Discovery, the Contractor shall establish an investment trust (the “Abandonment Trust”) that will be jointly controlled by CNH and the Contractor at a financial Mexican institution authorized bank designated by CNHthe Fund. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than conducting Abandonment activities within in the Contract Area, and shall not be entitled to pledge, assign or otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.

Abandonment Trust. If the Contractor declares a Commercial Discovery, the Contractor shall establish an investment trust (the “Abandonment Trust”) that will be jointly controlled by CNH and the Contractor at a financial Mexican institution authorized bank designated by CNHthe Fund. The Parties agree that the purpose of the Abandonment Trust is to create a reserve to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than conducting Abandonment activities within in the Contract Area, Area and shall not be entitled to pledge, assign or otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws.