Common use of Contractual Rescission Clause in Contracts

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in Article 3.5., CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just cause; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company or the Guarantor; (e) Any Participating Company or Guarantor, without some or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy for any of its properties or revenues; (iv) institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (f) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (g) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (h) Any Participating Company violates any provision of Article 32.2, or (i) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 26, except for Article 26.4.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in Article 3.5.under other provisions of this Contract, CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringementcircumstances: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just causePlan; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and or fails to keep it in force in accordance with its terms; (d) The Contractor fails to disclose relevant information or submits false information to the competent authorities with respect to production, Costs or any other relevant matter relating to the Petroleum Activities; (e) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the any Participating Company or the Guarantor; (ef) Any Participating Company or Guarantor, without some Guarantor becomes insolvent or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (fg) The Contractor fails to perform at least 90% Any of the Work Units required representations made by any Participating Company in Article 28.1 or during the Minimum Work Programbidding process proves to be false as of the Effective Date; (gh) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (hi) Any Participating Company violates any provision of the provisions of the Article 32.2on Anti-Bribery and Conflicts of Interest (Article 32), or (ij) Any other material breach of the Contractor’s obligations under this Contract occurs. Once occurs which the contractual rescission is declared, the Parties may be subject Contractor fails to the provisions cure or to take direct and continuous action to remedy such breach within thirty (30) Days of Article 26, except for Article 26.4receiving notice thereof from CNH.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in under other provisions of Article 3.5., CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just cause; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some The Contractor or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company Contractor or the Guarantor; (e) Any Participating Company or Guarantor, without some The Contractor or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor becomes insolvent; (ii) is insolvent or unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (f) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (g) Any Participating Company The Contractor violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (h) Any Participating Company The Contractor violates any provision of the Article 32.2, or (i) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 26, except for Article 26.4.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in Article 3.5., CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just cause; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company or the Guarantor; (e) Any Participating Company or Guarantor, without some or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy for any of its properties or revenues; (iv) institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; thereof (v) files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; or (vi) otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (f) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (g) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (h) Any Participating Company violates any provision of Article 32.2, or (i) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 26, except for Article 26.4.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 22.1 and early termination provided in under Article 3.5., CNH shall have the right to rescind this Contract in under any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringementinfringement if: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed delays by more than one hundred eighty (180) Days in any approved Work Program or Development Plan Plan, without just cause; (b) The Contractor does not submit the Performance Guarantee or does not keep it in force in accordance with Article 16.1 or does not keep the Corporate Guarantee in force in accordance with Article 16.2 or its own terms; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the any Participating Company or the Guarantor; (ed) Any Participating Company or Guarantor, without some the Guarantor becomes insolvent or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (fe) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (gf) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24;23; or Contract. (hg) Any Participating Company violates any provision of set forth on Article 32.2, or31, (ih) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 2625, except for Article 26.425.4.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in under other provisions of Article 3.5., CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just cause; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the previous authorization from CNH, its obligations in accordance with this Contract: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company Contractor or the Guarantor; (e) Any Participating Company or Guarantor, without some or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is insolvent or unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (f) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (g) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (h) Any Participating Company violates any provision of the Article 32.2, or (i) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 26, except for Article 26.4.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination provided in Article 3.5.under other provisions of this Contract, CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringementcircumstances: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any Work Program or Development Plan without just causePlan; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees Guarantee in accordance with Article 17.2 and or fails to keep it in force in accordance with its terms; (d) Any Participating Company The Contractor fails to disclose relevant information or Guarantor without some submits false information to the competent authorities with respect to production, Costs or any other relevant matter relating to the Petroleum Activities; (e) The Contractor or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company Contractor or the Guarantor; (ef) Any Participating Company or Guarantor, without some the Contractor or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor becomes insolvent; (ii) is insolvent or unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (fg) Any of the representations made by the Contractor in Article 28.1 or during the bidding process proves to be false as of the Effective Date; (h) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (g) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 24; (hi) Any Participating Company The Contractor violates any provision of the Article 32.2on Anti-Bribery and Conflicts of Interest (Article 32), or (ij) Any other material breach of the Contractor’s obligations under this Contract occurs. Once occurs which the contractual rescission is declared, the Parties may be subject Contractor fails to the provisions cure or to take direct and continuous action to remedy such breach within thirty (30) Days of Article 26, except for Article 26.4receiving notice thereof from CNH.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 22.1 and early termination provided in under Article 3.5., CNH shall have the right to rescind this Contract in under any of the following circumstances as long as the Contractor fails to amend or to take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: (a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within forty-five (45) Days after the date it is required to be submitted, without justified cause; (b) The Contractor is delayed by more than one hundred eighty (180) Days in any approved Work Program or Development Plan Plan, without just cause; (b) The Contractor does not submit the Performance Guarantee or does not keep it in force in accordance with Article 16.1 or does not keep the Corporate Guarantee in force in accordance with Article 16.2 or its own terms; (c) The Contractor does not submit the Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; (d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with the authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to the Participating Company Contractor or the Guarantor; (ed) Any Participating Company or Guarantor, without some The Contractor or the rest of the Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) Guarantor becomes insolvent; (ii) is insolvent or unable to pay its debts when due; (iii) , or requests or consents to the appointment of an administrator, liquidator or trustee in bankruptcy receiver for any of its properties or revenues; (iv) , or institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) , or files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) , or otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (fe) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; (gf) Any Participating Company The Contractor violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change of Control in violation of Article 2423; (hg) Any Participating Company The Contractor violates any provision of set forth on Article 32.231, oror Contract. (ih) Any other material breach of the Contractor’s obligations under this Contract occurs. Once the contractual rescission is declared, the Parties may be subject to the provisions of Article 2625, except for Article 26.425.4.