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

Effects of the Administrative or Contractual Rescission. In the event that CNH rescinds this Contract pursuant to Articles 23.1 or 23.4 the following shall apply: (a) The Contractor shall pay the Nation, through the Fund, all liquidated damages referred to in Article 4.4 or direct damages excluding loss of profit as of the date of notice of the contractual rescission, as the case may be, suffered by the Nation as a result of the breach giving rise to the rescission; (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return to the State through CNH, the Contract Area under the terms of this Contract. Upon termination of this Contract, ownership of all Materials acquired for use in the Petroleum Activities shall be automatically transferred to the Nation, free of any lien, without any charge, payment, mortgage or compensation as provided by Article 13.1; (c) The Parties subscribe the settlement referred to in Article 23.

Effects of the Administrative or Contractual Rescission. In the event that CNH rescinds this Contract pursuant to Articles 23.1 or 23.4 the following shall apply: (a) The Contractor shall pay the Nation, through the Fund, all liquidated damages referred to in Article 4.4 or direct damages excluding loss of profit as of the date of notice of the contractual rescission, as the case may be, suffered by the Nation as a result of the breach giving rise to the rescission; (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return to the State through CNH, the Contract Area under the terms of this Contract. Upon termination of this Contract, ownership of all Materials acquired for use in the Petroleum Activities shall be automatically transferred to the Nation, free of any lien, without any charge, payment, mortgage or compensation as provided by Article 13.1; (c) The Parties subscribe the settlement referred to in Article 2323.6. The Contractor will only be entitled to receive as payment from the Nation, the settlement established in such Article 23.6 in the event this generates a favorable balance to the Contractor, and (d) The Contractor shall comply with all obligations applicable to the return of the Contract Area, including obligations relating to Abandonment and delivery of the Contract Area in accordance with Article 18.

Effects of the Administrative or Contractual Rescission. In the event case that CNH rescinds this Contract pursuant to Articles 23.1 Article 22.1 or 23.4 22.4 the following shall apply: (a) The Contractor shall pay the Nation, through the Fund, all liquidated damages referred to in Article Articles 4.4 and 4.5 or direct damages excluding loss of profit as of the date of notice of the contractual rescission, as the case may be, suffered incurred by the Nation as a result of the breach giving rise to the rescission; (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 CNH, the Contract Area under the terms of this Contract. Upon termination of this Contract, ownership of all Materials acquired for use in the Petroleum Activities shall be automatically transferred to the Nation, free of any lien, without any charge, payment, mortgage or compensation as provided by Article 13.1Articles 12.1 and 12.2; (c) The Parties will subscribe the settlement referred to in Article 2322.6. The Contractor will only be entitled to receive as payment from the Nation the settlement established in such Article 22.6 in case this generates a favorable balance to the Contractor, and (d) The Contractor shall comply with all obligations applicable to the return of the Contract Area, including those related to Abandonment and delivery of the Contract Area in accordance with Article 17.