Surrender or Abandonment of Property. The Management Committee may authorize the Operator to surrender or abandon part or all of the Property, in a manner consistent with any agreement under which such Property was acquired. If the Management Committee authorizes any such surrender or abandonment over the objection of a Participant, the Participant that desires to abandon or surrender shall assign to the objecting Participant, without cost to the surrendering Participant, all of the surrendering Participant's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Property.
Surrender or Abandonment of Property. Either Member may request that the Management Committee authorize the Manager to surrender or abandon part or all of the Properties. If the Management Committee does not authorize such surrender or abandonment after such a request, or authorizes such surrender or abandonment over the objection of a Member, subject to the terms of any Company indebtedness or other contractual or legal restrictions binding on the Company, the Member that desires to retain such Properties shall be distributed such Properties without cost to such Member by special warranty deed, free and clear of all Encumbrances created by, through or under the Member that desires for such Properties to be surrendered or abandoned (but subject to any Encumbrances previously created thereon by the Company or existing at the time such Properties were acquired by the Company), which Properties the Members agree shall be assigned an agreed fair market value as of the time of distribution of zero dollars. As and to the extent provided in Section 4.4, the Member that desires to abandon or surrender such Properties shall remain liable to reimburse the acquiring Member and its Indemnified Member Parties for its share (determined by Interests as of the date of such distribution) of any Adverse Consequences with respect to such Properties, including Continuing Obligations, Environmental Liabilities and Environmental Compliance, whether accruing before or after the date of such distribution, arising out of activities before the date of such distribution.
Surrender or Abandonment of Property. Except to the extent permitted in Article VIII or this Article XIV, neither Participant shall permit or cause any right, title or the Manager to surrender or abandon part or all of the Properties. The Management Committee may authorize the Manager to surrender or abandon part or all of the Properties. If the Management Committee authorizes any such surrender or abandonment over the objection of a Participant, the Participant that desires to abandon or surrender shall assign to the objecting Participant, by special warranty deed and without cost to the surrendering Participant, 164067 all of the surrendering Participant’s interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties, provided, however, that the objecting Participant shall not conduct or permit any exploration, development or mining operations on any such abandoned or surrendered property assigned to it that would unreasonably interfere with Operations of the Venture.
Surrender or Abandonment of Property. The Management Committee may authorize the Operator to surrender or abandon part or all of the Property. If the Management Committee authorizes any such surrender or abandonment over the objection of a Member, the Company shall assign to the objecting Member, by appropriate documents, and without cost to the Company, all of the Company's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Property. Provided, however, the objecting Member shall assume all responsibility and liabilities arising after such assignment, including but not limited to reclamation and restoration, with regard to the -42- surrendered or abandoned property. Liabilities arising out of Operations prior to such assignment shall remain the obligation of the Company.
Surrender or Abandonment of Property. If the Management Committee authorizes any surrender or abandonment over the objection of a Party, the Party who desires to abandon or surrender shall assign to the objecting Party, by quit claim deed and without cost to the surrendering Party, all of the surrendering Party's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties. If Properties to be abandoned or surrendered are located upon a mining lease or sublease, abandonment shall be conducted in accordance with and only to the extent permitted by any appurtenant mining lease or sublease. Any Transfer under this Section 15.1 shall not relieve the transferring Party of its share of liabilities to third persons arising out of Operations conducted prior to such Transfer. Any assignment of an interest pursuant to this Section 15.1 shall not reduce or change the transferor's Participating Interest.
Surrender or Abandonment of Property. Either Participant may request the Management Committee to authorize the Operator to surrender or abandon part or all of the Property. If the Management Committee does not authorize such surrender or abandonment, or authorizes any such surrender or abandonment over the objection of either Participant, the Participant that desires to abandon or surrender shall assign to the objecting Participant, by special warranty deed and without cost to the objecting Participant, all of the abandoning Participant's interest in the Property sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the abandoning Participant other than those to which both Participants have agreed. Upon such assignment, any abandoned or surrendered property shall cease to be part of the Property. The Participant that desires to abandon or surrender shall remain liable for its share (determined by its Participating Interest as of the date of such abandonment, after first taking into account any reduction, readjustment or restoration of Participating Interests under Sections 6.3, 9.4, 9.5 or 10.5) of any liability with respect to such Property, including Continuing Obligations, Environmental Liabilities and Environmental Compliance, whether accruing before or after such abandonment or surrender, arising out of activities prior to the Effective Date and out of Operations conducted prior to the date of such abandonment or surrender, regardless of when any funds may be expended to satisfy such liability.
Surrender or Abandonment of Property. Upon unanimous approval of the Board, the Company may surrender or abandon part or all of the Properties. If a Shareholder wishes to individually retain such surrendered or abandoned Properties, subject to the terms of any project financing in relation to the Properties or any Company indebtedness or other contractual or legal restrictions binding on the Company and preventing the surrender or abandonment of such Properties, the Shareholder that desires to retain such Properties shall be distributed such Properties without cost to such Shareholder, other than applicable Taxes, by special warranty deed, free and clear of all Encumbrances (but subject to any Encumbrances previously created thereon by the Company or existing at the time such Properties were acquired by the Company). As and to the extent provided in Section 4.4, the Shareholder that abandons or surrenders such Properties shall remain liable to reimburse the acquiring Shareholder and its Indemnified Shareholder Parties for its share (determined by their Percentage Interest as of the date of such distribution) of any Adverse Consequences with respect to such Properties, including Continuing Obligations, Environmental Liabilities and Environmental Compliance, whether accruing before or after the date of such distribution, arising out of activities after the date hereof and before the date of such distribution.
Surrender or Abandonment of Property. Part or all of the Properties may be surrendered or abandoned, consistent with the terms and conditions of any agreement under which such portion or portions of the Properties were acquired, by the Manager upon authorization from the Management Committee. In each case, if a Participant objects to the surrender or abandonment, the Participant that desires to abandon or surrender shall assign to the objecting Participant, by special warranty deed and without cost to the surrendering Participant, all of the surrendering Participant's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties. The objecting Participant shall indemnify, defend and hold harmless each abandoning Participant and its Affiliates (including without limitation direct and indirect parent companies), and its or their respective officers, directors, shareholders, employees, agents and attorneys, from and against any Liabilities incurred by any of them relating in any respect to activities occurring thereafter on or with respect to the property abandoned under this Section. Such indemnification shall include but is not limited to Liabilities arising out of: (i) violation of any federal or state statute, regulation, rule or order or local ordinance or order pertaining to environmental matters or any environmental permit related to the abandoned property; (ii) any release or disposal of petroleum, hazardous substances, pollutants or contaminants at or from the abandoned property; (iii) any environmental liabilities and alleged or asserted environmental liabilities to local, state or federal governmental authorities or other third parties (including without limitation reclamation liabilities and citizens' suits and other actions under the Comprehensive Environmental Response, Compensation and Liability Act) relating to such property or any off-site disposal or release of hazardous substances, pollutants or contaminants generated at the property; and (iv) the abandoning Participant's own negligence.
Surrender or Abandonment of Property. The Management Committee may, from time to time, authorise the surrender or abandonment of part or all of the Properties of any JV Company. If the Management Committee authorises any such surrender or abandonment over the objection of a Participating Group, the JV Company shall assign to the JV Company Shareholder designated by the objecting Participating Group, by appropriate instrument of transfer and without cost to the JV Company, all of the JV Company’s interest in the Properties to be abandoned or surrendered. Upon a transfer to such Shareholder of title to the Properties to be abandoned or surrendered pursuant to this section 16.1, the objecting Participating Group shall be entitled to copies of all information and data (other than interpretive data) acquired or generated hereunder with respect to such Properties prior to the date of such transfer and not previously furnished to it and thereafter to use such information and data for its own purposes. Neither the JV Company nor any other Party shall be required to make, or be deemed to make, any representation or warranty as to the accuracy or completeness of such information and data and shall not be liable on account of the use of such information and data by the objecting Participating Group or any other Person. The Shareholder receiving the Properties transferred pursuant to this section 16.1 shall indemnify the other Shareholder and the JV Company against any obligations and liabilities (including environmental liabilities and obligations or liabilities related to Rehabilitation or shut-down or any Applicable Laws, regulations, policies or requirements relating thereto) related to such Properties. Upon the completion of such transfer, such transferred properties shall cease to be part of the Properties for purposes of this Agreement.
Surrender or Abandonment of Property. Kwagga may authorize the Manager to surrender or abandon part or all of the Property, in a manner consistent with any agreement under which such Property was acquired and to terminate all or part of the Licence or the Project Area.
