Common use of TERM AND TERMINATION OF THE CONTRACT Clause in Contracts

TERM AND TERMINATION OF THE CONTRACT. 28.1 The duration of this Contract shall commence from the Effective Date and shall continue for the period of the License and any Lease granted thereunder, unless the Contract is terminated earlier in accordance with its terms, and shall be deemed to have been terminated, if for any reason, the Contractor ceases to hold such License or Lease (the “Term”). 28.2 Subject to the provision of Articles 5, 14 and 28.6 and without prejudice to the provisions of Article 28.7 or any other provisions of this Contract, the Contractor shall have the right to terminate this Contract: (a) with respect to any part of the Contract Area other than a Development Area then producing, or that prior thereto had produced Petroleum, upon giving ninety (90) days written notice of its intention to do so; and (b) with respect to any Development Area in which Petroleum is being produced, or that prior thereto had produced Petroleum, or from where the production becomes uneconomical to produce, upon giving at least one hundred and eighty (180) days written notice of its intention to do so. 28.3 This Contract may, subject to the provisions herein below and Article 30, be terminated by the Government upon giving 90 (ninety) days written notice with reasons to the other Parties of its intention to do so in the following circumstance, namely the Contractor or a Member comprising the Contractor (“Defaulting Party”): (a) has knowingly submitted any false statement to the Government in any manner which was a material consideration in the execution of this Contract; or (b) has intentionally and knowingly extracted or authorized the extraction of hydrocarbon not authorized to be extracted by the Contract or without the permission of the Government; or (c) is adjudged bankrupt by a competent court or enters into or scheme of composition with its creditors or takes advantage of any law for the benefit of debtors; or (d) has passed a resolution to apply to a competent court for liquidation of the Member unless the liquidation is for the purpose of amalgamation or reconstruction of which the Government has been given notice and the Government is satisfied that the Member’s performance under this Contract would not be adversely affected thereby and has given its approval thereto; or (e) has assigned any interest in the Contract or part thereof without the prior written consent of the Government as provided in Article 26; or (f) has failed to comply with any final determination or award made by a sole expert or arbitrators subject to Article 31; or (g) has failed to carry out or observe any of the terms and conditions of the License or Lease or the provisions of any Applicable Law in force thereunder, subject however, to Article 29; or (h) on notice of termination as provided in Article 27.4; or (i) has failed to submit the FDP in accordance with the terms of this Contract; or (j) committed a material breach of the Contract; or (k) has failed to make any monetary payment required by law or under this Contract by the due date or within such further period after the due date as may thereafter be specified by the Government. where the Contractor comprises two or more Members, the Government shall not exercise its rights of termination pursuant to Article 28.4, on the occurrence, in relation to one or more, but not all, of the Members comprising the Contractor, of an event entitling the Government to terminate the Contract, A) if any other Member(s) constituting the Contractor (the “Non-Defaulting Members”) satisfies the Government that it, or they, is/are willing and would be able to carry out the obligations of the Contractor. B) where the Non Defaulting Member with the consent of the Government, has/have acquired the Participating Interest of the defaulting Member and has/have procured and delivered to the Government a guarantee or guarantees as referred to in Article 27.1 in respect of the Participating Interest of the defaulting Member acquired by the Non Defaulting Member.

TERM AND TERMINATION OF THE CONTRACT. 28.1 30.1 The duration term of this Contract shall commence from the Effective Date and shall continue be for the period of the License and any Lease granted thereunder, unless the Contract is terminated earlier in accordance with its terms, and shall be deemed to have been terminated, if for any reason, the Contractor ceases to hold such License or Lease (the “Term”)Lease. 28.2 30.2 Subject to the provision of Articles 5, 14 and 28.6 30.6 and without prejudice to the provisions of Article 28.7 30.7 or any other provisions of this Contract, the Contractor shall have the right to terminate this Contract: (a) with respect to any part of the Contract Area other than a Development Area then producing, or that prior thereto had produced Petroleum, upon giving ninety (90) days written notice of its intention to do so; and (b) with respect to any Development Area in which Petroleum is being produced, or that prior thereto had produced Petroleum, or from where the production becomes uneconomical to produce, upon giving at least one hundred and eighty (180) days written notice of its intention to do so. 28.3 30.3 This Contract may, subject to the provisions herein below and Article 3031, be terminated by the Government upon giving 90 ninety (ninety90) days written notice with reasons to the other Parties of its intention to do so in the following circumstancecircumstances, namely namely, that the Contractor or a Member Party comprising the Contractor (“the Defaulting Party”):) (a) has knowingly submitted any false statement to the Government in any manner which was a material consideration in the execution of this Contract; or (b) has intentionally and knowingly extracted or authorized authorised the extraction of hydrocarbon not authorized to be extracted by the Contract or without the permission authority of the Government; Government except such extractions as may be unavoidable as a result of operations conducted hereunder in accordance with generally accepted modern oilfield and petroleum industry practices which, when so extracted, were immediately notified to the Government or (c) is adjudged bankrupt by a competent court or enters into or scheme of composition with its creditors or takes advantage of any law for the benefit of debtors; or (d) has passed a resolution to apply to a competent court for liquidation of the Member Company unless the liquidation is for the purpose of amalgamation or reconstruction of which the Government has been given notice and the Government is satisfied that the Member’s Company's performance under this Contract would not be adversely affected thereby and has given its approval thereto; or (e) has assigned any interest in the Contract or part thereof without the prior written consent of the Government as provided in Article 2628; or (f) has failed to comply with any final determination or award made by a sole expert or arbitrators subject to Article 31; or (g) has failed to carry out or observe any of the terms and conditions of the License or Lease or the provisions of any Applicable Law in force thereunder, subject however, to Article 29; or (h) on notice of termination as provided in Article 27.4; or (i) has failed to submit the FDP in accordance with the terms of this Contract; or (j) committed a material breach of the Contract; or (k) has failed to make any monetary payment required by law or under this Contract by the due date or within such further period after the due date as may thereafter be specified by the Government; or (g) has failed to comply with or has contravened the provisions of this Contract in a material particular; or (h) has failed to comply with any final determination or award made by a sole expert or arbitrators subject to Article 33; or (i) has failed to carry out or observe any of the terms and conditions of the License or Lease or the provisions of the Acts or Rules in force thereunder, subject however, to Article 31. (j) on notice of termination as provided in Article 29.5. PROVIDED THAT where the Contractor comprises two or more MembersParties, the Government shall not exercise its rights of termination pursuant to Article 28.430.3, on the occurrence, in relation to one or more, but not all, of the Members Parties comprising the Contractor, of an event entitling the Government to terminate the Contract, A(a) if any other Member(s) Party or Parties constituting the Contractor (the “Nonnon-Defaulting Members”Party or Parties) satisfies the Government that it, or they, is/are willing and would be able to carry out the obligations of the Contractor. B(b) where the Non non Defaulting Member Party or Parties with the consent of the Government, Government has/have acquired the Participating Interest of the defaulting Member Defaulting Party pursuant to the provisions of the Operating Agreement and has/have procured and delivered to the Government a guarantee or guarantees as referred to in Article 27.1 29.1 in respect of the Participating Interest of the defaulting Member Defaulting Party acquired by the Non non Defaulting MemberParty or Parties.

TERM AND TERMINATION OF THE CONTRACT. 28.1 29.1 The duration of this Contract shall commence from the Effective Date date of execution of this Contract and shall continue for the period of the License and any Lease granted thereunder, unless the Contract is terminated earlier in accordance with its terms, and shall be deemed to have been terminated, if for any reason, the Contractor ceases to hold such License or Lease (the “Term”)Lease. 28.2 29.2 Subject to the provision of Articles 5, 14 and 28.6 29.6 and without prejudice to the provisions of Article 28.7 29.7 or any other provisions of this Contract, the Contractor shall have the right to terminate this Contract: (a) with respect to any part of the Contract Area other than a Development Area then producing, or that prior thereto had produced Petroleum, upon giving ninety (90) days written notice of its intention to do so; and (b) with respect to any Development Area in which Petroleum is being produced, or that prior thereto had produced Petroleum, or from where the production becomes uneconomical to produce, upon giving at least one hundred and eighty (180) days written notice of its intention to do so. 28.3 29.3 Any event of default that is not a Major Default (as defined under Article 29.4 below) shall be a default entitling the Government to impose fines and costs in respect thereof (“Minor Default”). The Contractor shall pay the fines and costs in relation to a Minor Default within a period of thirty (30) days from the determination and notice received by the Government failing which the Government shall be entitled to encash the bank guarantees (whether in part or in full). The Contractor shall reinstate the bank guarantees so encashed to their original values within a period of thirty (30) days from the date of such encashment or as otherwise specified by the Government. The Government may also require the Contractor to submit additional bank guarantees or bank guarantee(s) of higher amount than as were originally submitted upon occurrence of each such default. The quantum of fines and costs to be imposed under this Article 29.3, shall be determined as follows: (a) in respect of events that have specific fines or costs identified in respect thereof in other provisions of this Contract, only such identified fines or costs shall be imposed; (b) in respect of other events, the Management Committee shall review the impact of the default and, after giving an opportunity to the Contractor to make its submissions to the Government in this regard, determine the quantum of fine and costs with supporting reasoning and it shall be for the Government to notify and impose the fines and costs in respect of the relevant Minor Default on the Contractor. 29.4 This Contract may, subject to the provisions herein below and Article 30, be terminated by the Government upon giving 90 (ninety) days written notice with reasons to the other Parties occurrence of its intention to do so in the following circumstance, namely the Contractor or a Member comprising the Contractor (“Defaulting Party”): (a) has knowingly submitted any false statement to the Government in any manner which was a material consideration in the execution of this Contract; or (b) has intentionally and knowingly extracted or authorized the extraction of hydrocarbon not authorized to be extracted by the Contract or without the permission of the Government; or (c) is adjudged bankrupt by a competent court or enters into or scheme of composition with its creditors or takes advantage of any law for the benefit of debtors; or (d) has passed a resolution to apply to a competent court for liquidation of the Member unless the liquidation is for the purpose of amalgamation or reconstruction of which the Government has been given notice and the Government is satisfied that the Member’s performance under this Contract would not be adversely affected thereby and has given its approval thereto; or (e) has assigned any interest in the Contract or part thereof without the prior written consent of the Government as provided in Article 26; or (f) has failed to comply with any final determination or award made by a sole expert or arbitrators subject to Article 31; or (g) has failed to carry out or observe any of the terms and conditions of the License or Lease or the provisions of any Applicable Law in force thereunder, subject however, to Article 29; or (h) on notice of termination as provided in Article 27.4; or (i) has failed to submit the FDP Major Default in accordance with the terms following provisions: (i) the Government shall issue a notice of this ContractMajor Default to the Contractor requiring the Contractor to cure the relevant default within a period of sixty (60) days from the date of issuance of notice (“Cure Period”); or (jii) committed in the event the Contractor requires a material breach longer Cure Period, the Contractor shall be required to submit the specific action items and the timelines within which the Contractor will cure the notified Major Default. The Government may upon review of such information submitted by the Contractor allow for a longer Cure Period.If at the end of the Contract; or Cure Period (kincluding any extensions thereto) the Major Default has failed to make any monetary payment required by law or under this Contract by the due date or within such further period after the due date as may thereafter be specified by the Government. where the Contractor comprises two or more Membersnot been cured, the Government may issue a termination notice whereby the Contract shall not exercise its rights stand terminated at the end of termination pursuant to Article 28.4thirty (30) days, on unless the occurrence, in relation to one or more, but not all, of Major Default is cured within the Members comprising the Contractor, of an event entitling the Government to terminate the Contract, Asaid thirty (30) if any other Member(s) constituting the Contractor (the “Non-Defaulting Members”) satisfies the Government that it, or they, is/are willing and would be able to carry out the obligations of the Contractorday period. B) where the Non Defaulting Member with the consent of the Government, has/have acquired the Participating Interest of the defaulting Member and has/have procured and delivered to the Government a guarantee or guarantees as referred to in Article 27.1 in respect of the Participating Interest of the defaulting Member acquired by the Non Defaulting Member.

TERM AND TERMINATION OF THE CONTRACT. 28.1 The duration of this Contract shall commence from the Effective Date and shall continue for the period of the License and any Lease granted thereunder, unless the Contract is terminated earlier in accordance with its terms, and shall be deemed to have been terminated, if for any reason, the Contractor ceases to hold such License or Lease (the “Term”―Term‖). 28.2 Subject to the provision of Articles 5, 14 and 28.6 and without prejudice to the provisions of Article 28.7 or any other provisions of this Contract, the Contractor shall have the right to terminate this Contract: (a) with respect to any part of the Contract Area other than a Development Area then producing, or that prior thereto had produced Petroleum, upon giving ninety (90) days written notice of its intention to do so; and (b) with respect to any Development Area in which Petroleum is being produced, or that prior thereto had produced Petroleum, or from where the production becomes uneconomical to produce, upon giving at least one hundred and eighty (180) days written notice of its intention to do so. 28.3 This Contract may, subject to the provisions herein below and Article 30, be terminated by the Government upon giving 90 (ninety) days written notice with reasons to the other Parties of its intention to do so in the following circumstance, namely the Contractor or a Member comprising the Contractor (“Defaulting Party”―Defaulting Party‖): (a) has knowingly submitted any false statement to the Government in any manner which was a material consideration in the execution of this Contract; or (b) has intentionally and knowingly extracted or authorized the extraction of hydrocarbon not authorized to be extracted by the Contract or without the permission of the Government; or (c) is adjudged bankrupt by a competent court or enters into or scheme of composition with its creditors or takes advantage of any law for the benefit of debtors; or (d) has passed a resolution to apply to a competent court for liquidation of the Member unless the liquidation is for the purpose of amalgamation or reconstruction of which the Government has been given notice and the Government is satisfied that the Member’s Member‘s performance under this Contract would not be adversely affected thereby and has given its approval thereto; or (e) has assigned any interest in the Contract or part thereof without the prior written consent of the Government as provided in Article 26; or (f) has failed to comply with any final determination or award made by a sole expert or arbitrators subject to Article 31; or (g) has failed to carry out or observe any of the terms and conditions of the License or Lease or the provisions of any Applicable Law in force thereunder, subject however, to Article 29; or (h) on notice of termination as provided in Article 27.4; or (i) has failed to submit the FDP in accordance with the terms of this Contract; or (j) committed a material breach of the Contract; or (k) has failed to make any monetary payment required by law or under this Contract by the due date or within such further period after the due date as may thereafter be specified by the Government. PROVIDED THAT where the Contractor comprises two or more Members, the Government shall not exercise its rights of termination pursuant to Article 28.4, on the occurrence, in relation to one or more, but not all, of the Members comprising the Contractor, of an event entitling the Government to terminate the Contract, A) if any other Member(s) constituting the Contractor (the “Non―Non-Defaulting Members”Members‖) satisfies the Government that it, or they, is/are willing and would be able to carry out the obligations of the Contractor. B) where the Non Defaulting Member with the consent of the Government, has/have acquired the Participating Interest of the defaulting Member and has/have procured and delivered to the Government a guarantee or guarantees as referred to in Article Article 27.1 in respect of the Participating Interest of the defaulting Member acquired by the Non Defaulting Member.