Common use of Effects of the Administrative or Contract Rescission Clause in Contracts

Effects of the Administrative or Contract Rescission. In case that the CNH rescinds this Contract pursuant to Article 23.1 or 23.4 then the following shall apply: (a) The Contractor shall pay the Nation, via the Fund, when applicable all liquidated damages referred to in Articles 4.6 and 4.7 or, given the case, the liquidated damages, incurred by the Nation as a result of a direct and immediate breach giving rise to the rescission in terms of the Applicable Law, calculated from its notice, as the case may be. (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except for those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return the Contract Area to the State through the CNH, under the terms of this Contract. Upon the termination of this Contract, ownership of all Materials built or acquired for their use in the Petroleum Activities shall be automatically transferred to the Nation, without any charge, payment, mortgage or compensation as provided by Articles 13.1 and 13.2; (c) The Parties will subscribe the settlement referred to in Article 23.6. The Contractor will only be entitled to receive as payment from the Nation the settlement established in such Article 23.6 in case this generates a balance in favor of the Contractor, and (d) The Contractor shall comply with all obligations applicable to the return of the Contract Area, including, without limitation, to those related to Abandonment and return of the Contract Area in accordance with Article 18.

Effects of the Administrative or Contract Rescission. In case that the CNH rescinds this Contract pursuant to Article 23.1 or 23.4 then the following shall apply: (a) The Contractor shall pay the Nation, Nation via the Fund, when applicable applicable, all liquidated damages referred to in Articles 4.6 and 4.7 or, given the case, the liquidated damages, incurred by the Nation as a result of a direct and immediate breach giving rise to the rescission in terms of the Applicable Law, calculated from its notice, as the case may be. (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except for those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return the Contract Area to the State through the CNH, under the terms of this Contract. Upon the termination of this Contract, ownership of all Materials built or acquired for their use in the Petroleum Activities shall be automatically transferred to the Nation, without any charge, payment, mortgage or compensation as provided by Articles 13.1 and 13.2; (c) The Parties will subscribe underwrite the settlement referred to in Article 23.6. The Contractor will only be entitled to receive as payment from the Nation the settlement established in such Article 23.6 as payment from the Nation, in case the event that this generates a balance in favor of the Contractor, and (d) The Contractor shall comply with all obligations applicable to the return of the Contract Area, including, without limitation, to those related to Abandonment and return of the Contract Area in accordance with Article 18.

Effects of the Administrative or Contract Rescission. In case that the CNH rescinds this Contract pursuant to Article 23.1 or 23.4 then the following shall apply: (a) The Contractor shall pay the Nation, Nation via the Fund, when applicable applicable, all liquidated damages referred to in Articles 4.6 and 4.7 or, given the case, the liquidated damages, incurred by the Nation as a result of a direct and immediate breach giving rise to the rescission in terms of the Applicable Law, calculated from its notice, as the case may be. (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except for those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return the Contract Area to the State through the CNH, under the terms of this Contract. Upon the termination of this Contract, ownership of all Materials built or acquired for their use in the Petroleum Activities shall be automatically transferred to the Nation, without any charge, payment, mortgage or compensation as provided by Articles 13.1 and 13.2; (c) The Parties will subscribe underwrite the settlement referred to in Article 23.6. The Contractor will only be entitled to receive as payment from the Nation the settlement established in such Article 23.6 in case this generates a balance in favor of the Contractor, and (d) The Contractor shall comply with all obligations applicable to the return of the Contract Area, including, without limitation, to those related to Abandonment and return of the Contract Area in accordance with Article 18.Article