New Production Sharing Agreement. 30.17. In the event of division of the Contract Area for any reason, a new Production Sharing Agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement.
New Production Sharing Agreement. In the event of division of the Contract Area for any reason, a new Production Sharing agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement. Upon approval of the Assignment, the Contracting Party shall call ANP and the Consortium Members to execute the new Production Sharing Agreements within thirty (30) days. The new Production Sharing agreements entered into by the Parties shall be effective as of the date of their execution, under the Applicable Laws and Regulations. Within the scope of credit transactions or credit facility agreement, the Contractors may create guarantee on the rights arising from this Agreement. The Contractor shall notify ANP about the guarantee operation provided for in paragraph 30.20, above, sending a copy of the relevant instrument of guarantee within thirty (30) days of the date of its execution. The guarantee shall be foreclosed under the Applicable Laws and Regulations and upon notice to ANP pursuant to the instrument of guarantee, provided that the transfer of ownership arising from the foreclosure of the guarantee is an assignment and depends on prior and express consent of the Contracting Party, based on ANP’s opinion.
New Production Sharing Agreement. In the event of division of the Contract Area for any reason, a new Production Sharing Agreement shall be executed for each area resulting from the division, keeping the same terms, obligations, programs, and deadlines of the original Agreement. Upon approval of the Assignment of the Agreement, the Contracting Party shall call ANP and the Consortium Members to execute the new Production Sharing Agreements within thirty (30) days. The new Production Sharing Agreements entered into by the Parties shall be effective as of the date of their execution, under the Applicable Laws and Regulations. SECTION THIRTY-ONE– relative default and penalties Legal and Contractual Sanctions In case of failure to perform the obligations set forth in this Agreement or performance in a place, time, or manner other than that agreed, the Contractor shall incur the specific sanctions provided for herein and in the Applicable Laws and Regulations, without prejudice to the liability for potential losses and damages resulting from the default. In case of failure to comply with the Applicable Laws and Regulations, the Contractor shall incur the applicable legal and administrative sanctions. section THIRTY-TWO – termination of the Agreement Lawful Termination This Agreement shall be lawfully terminated: upon lapse of the effective period provided for in Section Four; upon completion of the Exploration Phase without performance of the Minimum Exploration Program; at the end of the Exploration Phase, in case there has been no Commercial Discovery; in case the Contractor fully relinquishes the Contract Area; in case the Contractor exercises its right to withdraw during the Exploration Phase; upon failure to deliver the Development Plan within the term established by ANP; upon ANP’s disapproval of the Development Plan; upon refusal of the Consortium Members to execute, in whole or in part, the Production Individualization Agreement after ANP’s decision; upon adjudication of bankruptcy or non-approval of any Contractor’s request for judicial reorganization by the competent court, pursuant to paragraph 32.4.2; Termination upon mutual Agreement between the Parties This Agreement may be terminated at any time upon mutual agreement between the Parties, without prejudice to performance of the obligations set forth in Section Ten.
New Production Sharing Agreement. In the event of division of the Contract Area provided for for any reason, a new Production Sharing contract must be signed for each area resulting from the division, keeping the same terms, obligations, programs and terms of the original Contract. After approval of the Assignment, the Contracting Party shall convene the ANP and the consortium members to enter into the new Production Sharing contracts within 30 (thirty) days. The new Production Sharing contracts signed by the parties will acquire validity and effectiveness from their signature, under the terms of the Applicable Legislation. Contracted Parties are entitled to provide, within the scope of credit operations or financing agreement, a guarantee on the rights arising from this Agreement, under the terms of the Applicable Legislation. The Contracted Parties shall notify the ANP about the guarantee operation provided for in paragraph 30.20, forwarding a copy of the respective guarantee instrument, within 30 (thirty) days from the date of its signature. The execution of the guarantee will be carried out in accordance with the Applicable Legislation and upon notification to the ANP under the terms of the guarantee instrument, provided that the transfer of title resulting from the execution of the guarantee constitutes an Assignment and depends on the Contracting Party's prior and express consent, after hearing the ANP.
