Common use of GUARANTEE AND AGREEMENTS Clause in Contracts

GUARANTEE AND AGREEMENTS. Section 3.1. Guarantee By virtue of this document, the Guarantor guarantees to the State payment and timely compliance with all and any debts and obligations of the Contractor with respect to the State that arise from the Second Exploration Sub Period minimum work obligations set out in the table in Article 3.1 of the Contract, including the payment of any sum the Contractor has to pay to the State when this payment is enforceable and payable; so long as, however, the liability of the Guarantor to the State under this Guarantee does not exceed fifteen million Dollars (USD $15,000,000) (the “Maximum Amount”). The Maximum amount shall be reduced as a function of the sums expended that are related to the First Exploration Sub-Period minimum work obligations as described above, to the degree that they are complete. The State shall notify the Contractor when the Contractor has complied with some or all of the obligations guaranteed under the corresponding provision of the Contract listed above in Section 3.1 of this Guarantee Agreement, and this notification must be signed by an authorised signatory of the State, which signature may not be unjustly withheld or delayed, and this will be accepted as conclusive evidence that the events described in it occurred and that the Maximum Amount is duly reduced. The notification will indicate the amount to which the Maximum Amount should be reduced. The Guarantor will have the right to consider this amount as conclusive and the Guarantee Agreement will be deemed to be immediately reduced by this amount following receipt by the Guarantor of this notification for the particular period applicable to the provision of the Contract in particular.

GUARANTEE AND AGREEMENTS. Section 3.1. Guarantee By virtue of this document, the Guarantor guarantees to the State payment and timely compliance with all and any debts and obligations of the Contractor with respect to the State that arise from the Second Exploration Sub Period minimum work obligations set out in the table in Article 3.1 provisions of the Contract as this obligations are defined under the Contract, including the payment of any sum the Contractor has to pay to the State when this payment is enforceable and payable; so long as, however, : ( a ) 3.1.1 ( b) 3.1.2 since the liability of the Guarantor with respect to the State established here does not exceed the amounts for each period listed in the provisions of the Contract listed above in this Section 3.1 (collective, the "Maximum Amount" for the corresponding period covered); and since for each of the periods covered by each of the provisions of the Contract listed the Maximum Amount under this Guarantee does not exceed fifteen million Dollars (USD $15,000,000) (the “Maximum Amount”). The Maximum amount shall Agreement will be reduced as a function of after which the sums expended Guarantee will be notified in writing that are related to the First Exploration Sub-Period minimum work obligations as described above, to the degree that they are complete. The State shall notify the Contractor when the Contractor has complied with some or all of the obligations guaranteed under the corresponding provision of the Contract listed above in Section 3.1 of this Guarantee Agreementdocument, and this notification must be signed by an authorised signatory of the State, which signature may not be unjustly withheld or delayedwithheld, and this will be accepted as conclusive evidence that the events described in it occurred and that the Maximum Amount is duly reduced. The notification will indicate the amount to which the Maximum Amount should be reduced. The Guarantor will have the right to consider this amount as conclusive and the Guarantee Agreement will be deemed to be immediately reduced by this amount following receipt by the Guarantor of this notification for the particular period applicable to the provision of the Contract in particular. After entering the following period of the Contract and in the event that operations must be performed under the following provision of the Contract listed above in this Section 3.1, the Maximum Amount will be reincorporated in the Maximum Amount required for this period of the Contract in particular.

GUARANTEE AND AGREEMENTS. Section 3.1. Guarantee By virtue of this document, the Guarantor guarantees to the State payment and timely compliance with all and any debts and obligations of the Contractor with respect to the State that arise from the Second Exploration Sub Period minimum work obligations set out in the table in Article 3.1 provisions of the Contract as this obligations are defined under the Contract, including the payment of any sum the Contractor has to pay to the State when this payment is enforceable and payable; so long as, however, : ( a) 3.1.1 ( b) 3.1.2 since the liability of the Guarantor with respect to the State established here does not exceed the amounts for each period listed in the provisions of the Contract listed above in this Section 3.1 (collective, the "Maximum Amount" for the corresponding period covered); and since for each of the periods covered by each of the provisions of the Contract listed the Maximum Amount under this Guarantee does not exceed fifteen million Dollars (USD $15,000,000) (the “Maximum Amount”). The Maximum amount shall Agreement will be reduced as a function of after which the sums expended Guarantee will be notified in writing that are related to the First Exploration Sub-Period minimum work obligations as described above, to the degree that they are complete. The State shall notify the Contractor when the Contractor has complied with some or all of the obligations guaranteed under the corresponding provision of the Contract listed above in Section 3.1 of this Guarantee Agreementdocument, and this notification must be signed by an authorised signatory of the State, which signature may not be unjustly withheld or delayedwithheld, and this will be accepted as conclusive evidence that the events described in it occurred and that the Maximum Amount is duly reduced. The notification will indicate the amount to which the Maximum Amount should be reduced. The Guarantor will have the right to consider this amount as conclusive and the Guarantee Agreement will be deemed to be immediately reduced by this amount following receipt by the Guarantor of this notification for the particular period applicable to the provision of the Contract in particular. After entering the following period of the Contract and in the event that operations must be performed under the following provision of the Contract listed above in this Section 3.1, the Maximum Amount will be reincorporated in the Maximum Amount required for this period of the Contract in particular.