Undivided Share in Rights and Obligations. 30.7. Assignment, in whole or in part, of the Contract Area shall always represent an undivided share in the Contractor’s rights, observing the joint liability of the assignor and the assignee under the Applicable Laws and Regulations.
Undivided Share in Rights and Obligations. The assignment, in whole or in part, of the Agreement shall always represent an undivided share in the Contracted Party`s rights, observing the joint liability between the assignor and the assignee under the Applicable Laws and Regulations.
Undivided Share in Rights and Obligations. 59 Partial Assignment of Areas during the Exploration Phase 60
Undivided Share in Rights and Obligations. Assignment, in whole or in part, of the Concession Area shall always represent an undivided share in the Concessionaire’s rights, observing the joint liability of the assignor and the assignee under the Applicable Laws and Regulations. Partial Assignment of an Area during the Exploration Phase If ANP authorizes Assignment resulting in division of the Concession Area, each of the area to be assigned and the remaining area shall be delimited by a single polygonal line determined according to criteria established by ANP. The resulting areas shall be independent for all purposes, including for calculation of the Government and Third-Party Shares. ANP may define an additional Minimum Exploration Program for the areas to be divided. Each of the areas divided shall have an associated Minimum Exploration Program, the total number of activities of which shall exceed the number set forth in the original program.
Undivided Share in Rights and Obligations. 54 Partial Assignment of an Area during the Exploration Phase 54 Assignment of an Area in the Production Phase 55 Assignment Nullity and Need for Prior Express Approval 55 Approval of Assignment 55 Effectiveness and Efficacy of the Assignment 55 New Concession Agreement 56 29 Section twenty-nine – relative default and penalties 56 Sanctions 56 30 Section thirty – termination of the agreement 56 Lawful Termination 56 Termination upon mutual agreement between the Parties 57 Unilateral Termination 57 Termination for Absolute Default 57 Consequences of Termination 57 31 Section thirty-one – act of god, force majeure, and similar causes 58 Full or Partial Exemption 58 Amendment and Termination of the Agreement 58 Environmental Permitting 58 Losses 59 32 Section thirty-two – confidentiality 59 Obligation of the Concessionaire 59 ANP’s Commitment 60 33 Section thirty-three – notices, requests, communications, and reports 60 Notices, Requests, Plans, Programs, Reports, and other Communications 60 Addresses 61 Validity and Efficacy 61 Amendments to the Acts of Incorporation 61 34 Section thirty- four – legal regime 61 Governing Law 61 Reconciliation 61 Suspension of Activities 62 Arbitration 62 Jurisdiction 63 Justifications 63 Continuous Application 63 35 Section thirty-five – final provisions 63 Execution of the Agreement 63 Amendments and Addenda 64 Disclosure 64 ANNEX I – CONCESSION AREA 66 ANNEX II – MINIMUM EXPLORATION PROGRAM 67 ANNEX III – FINANCIAL GUARANTEE OF THE MINIMUM EXPLORATION PROGRAM 70 ANNEX IV – PERFORMANCE BOND 71 ANNEX V – GOVERNMENT AND THIRD-PARTY SHARES 72 ANNEX VI – PAYMENT OF THE SIGNATURE BONUS 73 ANNEX VII – APPOINTMENT OF OPERATOR 74 ANNEX VIII – ADDRESS 75 ANNEX IX – LOCAL CONTENT COMMITMENT 76 BASIC PROVISIONS SECTION ONE – DEFINITIONS Legal Definitions The definitions contained in article 6 of Law No. 9,478/1997, in article 2 of Law No. 12,351/2010, and in article 3 of Decree No. 2,705/1998 are hereby incorporated into this Agreement and, consequently, are valid for all its purposes and effects whenever they are used herein, either in the singular or plural, in the masculine or feminine gender.
