Periodic relinquishment Sample Clauses

Periodic relinquishment a) The Contractor shall: i. at the end of the Initial Licensing Period relinquish not less than twenty five percent (25%) of the Original Contract Area; ii. at the end of the First Renewal Period relinquish an additional portion of the Contract Area not less than twenty five percent (25%) of the Original Contract Area. iii. at the end of the Second Renewal Period relinquish the remaining portion of the Contract Area. b) Notwithstanding paragraph 6.1.(a) above, the Contractor shall not be obliged to relinquish any part of the Contract Area which has been made subject to an Appraisal Area or Exploitation Area or Significant Gas Discovery Area. c) Subject to paragraph 6.1.(h), the Contractor may at any time with at least three (3) months’ prior written notice to the Minister relinquish all or part of the Contract Area. Any area so relinquished will be credited against the next relinquishment obligation of the Contractor under paragraph 6.1(a). Any such voluntary relinquishment of part of the Contract Area during the Exploration Period shall not reduce the Exploration Work Obligations set forth in Annex D nor the amount of the corresponding guarantee. d) The Contractor shall, subject to paragraphs 6.1.(a) and 6.1.(e), propose the size, shape and location of the portion of the Contract Area which it intends to relinquish pursuant to the provisions of this Contract. e) The notice submitted by the Contractor in accordance with paragraph 6.1.(c) shall be accompanied by a description of the area to be relinquished with pertaining map of the area. f) The area to be relinquished by the Contractor pursuant to the provisions of this Contract shall be contiguous and delimited by meridians and parallels of latitude expressed in whole minutes of a degree, all of sufficient size and convenient shape to enable Hydrocarbons Operations to be conducted thereon. This applies correspondingly to the areas retained by the Contractor. g) The Council of Ministers shall approve the shape and size of the Contract Area that will remain after relinquishment and may exempt from the requirement that the areas are to be contiguous. When particular reasons so warrant, the Council of Ministers may exempt from the requirement to delimit the area in whole minutes of a degree. h) If the Contractor does not relinquish a portion of the Contract Area at the time and in the manner required by this Article 6.1., all of the Contract Area shall be deemed relinquished at the end of the Contract Year co...
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Related to Periodic 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.

  • Waiver by Tenant Tenant expressly waives the benefits of any statute now or hereafter in effect which would otherwise afford the Tenant the right to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good order, condition and repair.

  • No Waiver by Landlord No delay or forbearance by Landlord in exercising any right or remedy hereunder, or Landlord’s undertaking or performing any act or matter which is not expressly required to be undertaken by Landlord shall be construed, respectively, to be a waiver of Landlord’s rights or to represent any agreement by Landlord to undertake or perform such act or matter thereafter. Waiver by Landlord of any breach by Tenant of any covenant or condition herein contained (which waiver shall be effective only if so expressed in writing by Landlord) or failure by Landlord to exercise any right or remedy in respect of any such breach shall not constitute a waiver or relinquishment for the future of Landlord’s right to have any such covenant or condition duly performed or observed by Tenant, or of Landlord’s rights arising because of any subsequent breach of any such covenant or condition nor bar any right or remedy of Landlord in respect of such breach or any subsequent breach. Landlord’s receipt and acceptance of any payment from Tenant which is tendered not in conformity with the provisions of this Lease or following an Event of Default (regardless of any endorsement or notation on any check or any statement in any letter accompanying any payment) shall not operate as an accord and satisfaction or a waiver of the right of Landlord to recover any payments then owing by Tenant which are not paid in full, or act as a bar to the termination of this Lease and the recovery of the Premises because of Tenant’s previous default.

  • TRANSFER BY LANDLORD Landlord and its successors in interest shall have the right to transfer their interest in the Building, the Property, or any portion thereof at any time and to any person or entity. In the event of any such transfer, the Landlord originally named herein (and in the case of any subsequent transfer, the transferor), from the date of such transfer, (i) shall be automatically relieved, without any further act by any person or entity, of all liability for the performance of the obligations of the Landlord hereunder which may accrue after the date of such transfer and (ii) shall be relieved of all liability for the performance of the obligations of the Landlord hereunder which have accrued before the date of transfer if its transferee agrees to assume and perform all such prior obligations of the Landlord hereunder. Tenant shall attorn to any such transferee. After the date of any such transfer, the term "Landlord" as used herein shall mean the transferee of such interest in the Building or the Property.

  • PERFORMANCE OF THE CONTRACT II.1.1. The Contractor shall perform the Contract to the highest professional standards. The Contractor shall have sole responsibility for complying with any legal obligations incumbent on him, notably those resulting from employment, tax and social legislation. II.1.2. The Contractor shall have sole responsibility for taking the necessary steps to obtain any permit or licence required for performance of the Contract under the laws and regulations in force at the place where the tasks assigned to him are to be executed. II.1.3. Without prejudice to Article II.3 any reference made to the Contractor’s staff in the Contract shall relate exclusively to individuals involved in the performance of the Contract. II.1.4. The Contractor must ensure that any staff performing the Contract have the professional qualifications and experience required for the execution of the tasks assigned to them. II.1.5. The Contractor shall neither represent the Agency nor behave in any way that would give such an impression. The Contractor shall inform third parties that he does not belong to the European public service. II.1.6. The Contractor shall have sole responsibility for the staff who execute the tasks assigned to him. II.1.7. In the event of disruption resulting from the action of a member of the Contractor's staff working on Agency premises or in the event of the expertise of a member of the Contractor's staff failing to correspond to the profile required by the Contract, the Contractor shall replace him without delay. The Agency shall have the right to request the replacement of any such member of staff, stating its reasons for so doing. Replacement staff must have the necessary qualifications and be capable of performing the Contract under the same contractual conditions. The Contractor shall be responsible for any delay in the execution of the tasks assigned to him resulting from the replacement of staff in accordance with this Article. II.1.8. Should any unforeseen event, action or omission directly or indirectly hamper execution of the tasks, either partially or totally, the Contractor shall immediately and on his own initiative record it and report it to the Agency. The report shall include a description of the problem and an indication of the date on which it started and of the remedial action taken by the Contractor to ensure full compliance with his obligations under the Contract. In such event the Contractor shall give priority to solving the problem rather than determining liability. II.1.9. Should the Contractor fail to perform his obligations under the Contract in accordance with the provisions laid down therein, the Agency may - without prejudice to its right to terminate the Contract - reduce or recover payments in proportion to the scale of the failure. In addition, the Agency may impose penalties or liquidated damages provided for in Article II.16.

  • 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.

  • No Waiver of Breach The failure to enforce any provision of this Contract shall not be construed as a waiver of any such provision, nor prevent a Party thereafter from enforcing the provision or any other provision of this Contract. The rights granted the Parties are cumulative, and the election of one shall not constitute a waiver of such Party’s right to assert all other legal and equitable remedies available under the circumstances.

  • Winter Break The Resident may apply to occupy a Room during the Winter Break period as detailed in Table 2. Winter Break applications will be made available to Residents by the Manager. Applications are due on or before December 1 at 5:00 p.m. If the Resident’s application is approved, they may be required to pay a small fee (detailed in Table 2) for Winter Break occupancy before the beginning of the Winter Break. During the Winter Break there is limited supervision of the Residence, all services are reduced or suspended, and annual maintenance and renovations may occur. To ensure the safety and security of the Resident and the Residence facilities it is the intention of the Manager to limit the number of Residents staying during the Winter Break to a small number of individuals that demonstrate a significant need for Residence accommodations. If the Resident is found occupying a Room during the Winter Break without having given written notice to the Manager, the Resident shall be subject to $30.00 for each day during the Winter Break period or $200.00 for the entire Winter Break, due immediately. Academic Year 2024-2025 December 14, 2024 January 5, 2025 $30.00/per day

  • Other Breaches The breach by such Borrower (other than a breach which constitutes a Default with respect to such Borrower under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within 15 days (or, in the case of Section 6.9, five Business Days) after the chief executive officer, the chief financial officer, the President, the Treasurer or any Assistant Treasurer of such Borrower obtains actual knowledge of such breach.

  • No Right To Holdover Lessee has no right to retain possession of the Premises or any part thereof beyond the expiration or termination of this Lease. In the event that Lessee holds over, then the Base Rent shall be increased to one hundred fifty percent (150%) of the Base Rent applicable during the month immediately preceding the expiration or termination. Nothing contained herein shall be construed as consent by Lessor to any holding over by Lessee.

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