Mandatory Relinquishment Sample Clauses

Mandatory Relinquishment. During the Initial Exploration Period, the Extension Periods, and any additional extensions, the Ministry may, provided it gives at least six (6) months’ notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights to the area encompassing a Discovery, including any rights to Hydrocarbons that may be produced from such Discovery, if the Contractor: (a) has not presented, in accordance with Article 5.2, an evaluation work program and corresponding budget with respect to the Discovery within six (6) months of the date on which the Discovery has been reported to the Ministry; or (b) subject to the provisions of Article 13.1 with respect to Unassociated Natural Gas, does not establish the Discovery as a Field within one (1) Year after completion of evaluation work with respect to the Discovery.
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Mandatory Relinquishment. For the duration of the Initial Exploration Period, the Extension Periods and any additional extension thereof, the Ministry may, provided it gives at least six (6) months notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights over the area encompassing a Discovery, including all of its rights over Hydrocarbons which may be produced from such Discovery, if the Contractor: (a) has not submitted, in accordance with Article 5.2, an Appraisal work program and corresponding budget with respect to such Discovery within six
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Mandatory Relinquishment. For the duration of the Initial Exploration Period, the Extension Periods and any additional extension thereof, the Ministry may, provided it gives at least six (6) months’ notice, require the Contractor to promptly relinquish, without any compensation or indemnification, all of its rights over the area encompassing a Discovery, including all of its rights over Hydrocarbons which may be produced from such Discovery, if the Contractor: (a) has not submitted, in accordance with Article ‎5.2, an Appraisal work program and corresponding budget with respect to such Discovery within six (6) months following the date on which such Discovery has been notified to the Ministry; or (b) subject to Article ‎13.1
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Mandatory Relinquishment. 5.2.1 If Contractor elects to enter into the First Renewal Period of the Exploration Licence, it shall relinquish on the effective date of such First Renewal Period twenty five percent (25%) of the original Contract Area, as reduced by any area being the subject of Appraisal or of a Production Licence. 5.2.2 Should Contractor elect to enter into the Second Renewal Period of the Exploration Licence, it shall relinquish on the effective date of such Second Renewal Period another twenty five percent (25%) of the original Contract Area, as reduced by any area being the subject of Appraisal or of a Production Licence. 5.2.3 At the expiration of the Exploration Licence term (or the Initial Exploration Period or the First Renewal Period, according to Contractor’s election pursuant to paragraph 3.2.2 above), Contractor shall relinquish each part of the Contract Area which is not within any area being the subject of a Production Licence; provided, however, that Contractor shall be allowed to retain for twenty-four (24) months thereafter, any part of the Contract Area where Appraisal operations are currently being carried out, or which contains a Discovery which in the opinion of Contractor may, together with any other Discovery within the Contract Area, be able to constitute a Commercial Discovery. 5.2.4 At the expiration of each Production Licence term, Contractor shall relinquish the entirety of the area relating to such Production Licence.
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Mandatory Relinquishment. (1) At the end of the third Contract Year the Company shall relinquish a portion of the Agreement Area that amounts, together with any part of the Agreement Area relinquished under sub-clause 4(5), to forty per cent (40%) of the Agreement Area that was held by the Company at the Effective Date of this Agreement. (2) At the end of the sixth Contract Year, the Company shall relinquish a further portion of the Agreement Area to provide that following such relinquishment together with areas relinquished under sub-clauses 4(1) and (5), result in the Company retaining a maximum of thirty per cent (30%) of the Agreement Area that was held by the Company at the Effective Date. (3) Nothing in sub-clauses 4(1) and 4(2) shall be taken as requiring the Company to relinquish any part of the Agreement Area that has been determined as a Petroleum Field and any reference in this Clause to the Agreement Area to be relinquished shall be interpreted as a reference to portions of the Agreement Area that occur outside the Development Area. (4) The Company shall, at the expiry of the Exploration Phase, relinquish any remaining part of the Agreement Area that is not within a Development Area. (5) The Company may voluntarily relinquish any part of the Agreement Area at any time by giving not less than sixty (60) days’ notice to the Minister. (6) The relinquishment of any part of Agreement Area in accordance with this Clause shall be without prejudice to any obligation incurred by the Company in respect of the area relinquished prior to the date of relinquishment. (7) Every part of the Agreement Area relinquished under this Agreement shall be bounded by lines of longitude and parallels of latitude expressed in whole degrees, and whole minutes. No boundary line shall be drawn less than five (5) minutes of latitude and five (5) minutes of longitude except with the prior approval of the Minister. (8) As far as practicable, each relinquished area of the Agreement Area shall form one continuous area and be contiguous with any previously relinquished area of the Agreement Area. (9) Subject to sub-clause 4(10), no single relinquished area of the Agreement Area shall be less than nine hundred (900) square kilometres or twenty-five per-cent (25%) of any continuous area within the Agreement Area, whichever is the lesser. (10) The Minister may, authorise the relinquishment of a lesser portion of the Agreement Area than the area specified in sub-clause 4(9) where the Minister considers that s...
Sample 1
Mandatory Relinquishment of a portion of the Contract Area, provided that, in the case of insufficient votes for approval, the relinquished portion of the Contract Area shall be determined by use of the procedure set forth in Article 6.1 (D) as adapted to include the Operating Committee’s inability to agree on such relinquishment. X
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Mandatory Relinquishment. (a) Subject to paragraph (b), Contractor shall relinquish: (i) a portion to be agreed by the Parties of the Contract Area by the end of Stage 2 of the Exploration Period, subject to mutual discussion; (ii) all of the Contract Area at the end of Stage 3 of the Exploration Period; (iii) any area required to be relinquished under Article 8.4(g); and (iv) any area in respect of which an extension of Exploration Period was granted under Article 4.3, at the expiry of that extension if not renewed further. (b) Contractor shall not be required to relinquish under paragraph (a) any of the following: (i) any area in the Contract Area that has been declared a Discovery Area; (ii) any area in the Contract Area in respect of which Contractor has applied for a Production Permit, pending consideration of this application; (iii) any area in the Contract Area in respect of which Contractor has been granted a Production Permit; or (iv) any area in the Contract Area in respect of which CNPA has granted an extension of the Exploration Period under Article 4.3, during the period of that extension.
Sample 1
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Related to Mandatory Relinquishment

  • Relinquishment Should the Charter Holder choose to relinquish its Charter before the expiration of this Certificate, it may do so upon written notice to the Authorizer. In such a case, the Authorizer’s closure protocol shall begin immediately following written notification.

  • FAILURE TO HONOUR SETTLEMENT AGREEMENT If this Settlement Agreement is accepted by the Hearing Panel and, at any subsequent time, the Respondent fails to honour any of the Terms of Settlement set out herein, Staff reserves the right to bring proceedings under section 24.3 of the By-laws of the MFDA against the Respondent based on, but not limited to, the facts set out in Part IV of the Settlement Agreement, as well as the breach of the Settlement Agreement. If such additional enforcement action is taken, the Respondent agrees that the proceeding(s) may be heard and determined by a hearing panel comprised of all or some of the same members of the hearing panel that accepted the Settlement Agreement, if available.

  • Fiduciary Relationship The Advisor, as a result of its relationship with the Company and the Operating Partnership pursuant to this Agreement, has a fiduciary responsibility and duty to the Company, the Stockholders and the partners in the Operating Partnership.

  • Amendment; No Waiver No provision of this Agreement may be amended, modified, waived or discharged except by a written document signed by Executive and duly authorized officer of the Company. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered as a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No failure or delay by any party in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any other right or power. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party, which are not set forth expressly in this Agreement.

  • CONSEQUENCES OF EARLY TERMINATION OR OTHER BREACH BY APPLICANT A. In the event that the Applicant terminates this Agreement without the consent of the District, except as provided in Section 7.1 of this Agreement, the Applicant shall pay to the District liquidated damages for such failure within thirty (30) days after receipt of the notice of breach. B. In the event that the District determines that the Applicant has failed to comply in any material respect with the terms of this Agreement or to meet any material obligation under this Agreement, the Applicant shall pay to the District liquidated damages, as calculated by Section 9.4.C, prior to, and the District may terminate the Agreement effective on the later of: (i) the expiration of the thirty (30) days provided for in Section 9.3.A, and (ii) thirty (30) days after any mediation and judicial proceedings initiated pursuant to Sections 9.3.A and 9.3.B are resolved in favor of the District. C. The sum of liquidated damages due and payable shall be the sum total of the District ad valorem taxes for all of the Tax Years for which a tax limitation was granted pursuant to this Agreement prior to the year in which the default occurs that otherwise would have been due and payable by the Applicant to the District without the benefit of this Agreement, including penalty and interest, as calculated in accordance with Section 9.4.

  • Termination or Waiver Terminate or waive any right of substantial value, other than in the ordinary course of business;

  • Saving Provision If any part of this Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Agreement is held to be unenforceable as written, it shall be enforced to the maximum extent allowed by applicable law.

  • Other Breach Under Agreement Borrower fails to meet the conditions of, or fails to perform any obligation under, any term of this Agreement not specifically referred to above.

  • Absence of Fiduciary Relationship The Company acknowledges and agrees that: (a) the Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company on other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement; (b) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; (c) neither the Agent nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; (d) it is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Agent and its affiliates have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and (e) it waives, to the fullest extent permitted by law, any claims it may have against the Agent or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company.

  • No Waiver, etc The failure of Landlord or Tenant to seek redress for violation of, or to insist upon the strict performance of, any covenant or condition of this Lease shall not be deemed a waiver of such violation nor prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of rent with knowledge of the breach of any covenant of this Lease shall not be deemed to have been a waiver of such breach by Landlord, or by Tenant, unless such waiver be in writing signed by the party to be charged. No consent or waiver, express or implied, by Landlord or Tenant to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any other agreement or duty.

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