Common use of New Production Sharing Agreement Clause in Contracts

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. 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. 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; 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 Agreement Area provided for any reason, a new Production Sharing Agreement shall must be executed signed for each area resulting from the division, keeping maintaining the same terms, obligations, programs, programs and deadlines terms of the original Agreement. Upon After the approval of the Assignment of the AgreementAssignment, the Contracting Party shall call ANP and the Consortium Members consortium members to execute enter into the new Production Sharing Agreements agreements within thirty 30 (30thirty) days. The new Production Sharing Agreements entered into agreements signed by the Parties parties will acquire validity and effectiveness from their signature, under the terms of the Applicable Legislation. The Contractors are entitled to provide, within the scope of credit operations or financing agreement, security over the rights arising from this Agreement, under the terms of the Applicable Law. The Contractors shall be effective as notify ANP of the guarantee operation provided for in paragraph 30.20, forwarding a copy of the respective guarantee instrument, within thirty (30) days from the date of their execution, its signature. The execution of the guarantee will be made under the terms of the Applicable Laws Law and Regulationsupon notification to ANP under the terms of the guarantee instrument, observing that the transfer of ownership resulting from the execution of the guarantee constitutes an Assignment and depends on the prior and express consent of the Contracting Party, after hearing ANP. In case the event of failure to perform non-compliance with the obligations set forth established in this Agreement or performance its fulfillment in a place, time, time or manner form other than that agreed, the Contractor Contractors shall incur the specific sanctions provided for herein in this instrument and in the Applicable Laws and RegulationsLaw, without prejudice to notwithstanding the liability for potential any 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. This Agreement shall be lawfully is terminated, by operation of law: upon lapse for the duration of the effective period provided for term established in Section Clause Four; upon completion termination of the Exploration Phase without performance of the Minimum Exploration ProgramProgram having been fulfilled; at the end of the Exploration Phase, in case there has been Phase if no Commercial DiscoveryDiscovery has occurred; in case if the Contractor Contractors fully relinquishes return the Contract Agreement Area; in case if the Contractor exercises its Contractors exercise their right to withdraw of withdrawal during the Exploration Phase, provided that the Minimum Exploration Program is fulfilled or the amount corresponding to the unfulfilled portion is paid, as provided for in Clause Eleven of this Agreement; upon failure to deliver the Development Plan within the term established set by ANP; upon ANP’s disapproval for non-approval of the Development PlanPlan by ANP provided for in Clause Fifteen; upon refusal of the Consortium Members to execute, in whole or in part, by the refusal of Concessionaires to sign the Production Individualization Agreement Agreement, after ANP’s ANP decision; upon adjudication or for the lack of renewal of the financial guarantees within 30 (thirty) days before their validity period; or for the declaration of bankruptcy or non-approval of any Contractor’s a request for judicial reorganization of any Contractor by the competent court, pursuant to except as provided in paragraph 32.4.2; 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.