Common use of Right of withdrawal Clause in Contracts

Right of withdrawal. (a) Subject to the provisions of this Clause 13, any Party may withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause 13.7. (b) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause 13.9.

Appears in 3 contracts

Sources: Joint Operating Agreement, Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article 13 and the Contract, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7... (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 3 contracts

Sources: Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Geoglobal Resources Inc.)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article 13 and the Contract, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 3 contracts

Sources: Purchase and Sale Agreement (Hyperdynamics Corp), Operating Agreement (Hyperdynamics Corp), Joint Operating Agreement (Calibre Energy, Inc.)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article XIII, any Party may withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 3 contracts

Sources: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.), Joint Operating Agreement

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article XIII, any Party may withdraw from this Agreement and the Contract Contact by giving notice to all other Parties stating its decision to withdrawwithdrawal. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall sha1l be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 2 contracts

Sources: Joint Operating Agreement, Joint Operating Agreement (Kosmos Energy Ltd.)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article XII, any Party may withdraw from this Agreement and the Contract Lease Agreement by giving notice to all other Parties stating its decision to withdrawwithdrawal. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause 13.9Article 12.9.

Appears in 2 contracts

Sources: Joint Venture & Partnership Agreement (Guskin Gold Corp.), Joint Venture & Partnership Agreement (Guskin Gold Corp.)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article 13 and the Licence, at any time following the completion of the Minimum Work Obligations any Party not in default may at its option withdraw from this Agreement and the Contract Licence by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 2 contracts

Sources: Joint Operating Agreement, Joint Operating Agreement

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article 10, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause 13.7Article 10.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause 13.9Article 10.9.

Appears in 1 contract

Sources: Operating Agreement (Refinery Science Corp)

Right of withdrawal. (a) 13.1. A Subject to this Article 13 and the provisions of this Clause 13Licence, any Party not in default may at its option withdraw from this Agreement and the Contract Licence by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (b) 13.1. B The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following Calendar Month after the calendar month Calendar Month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 1 contract

Sources: Joint Operating Agreement (Discovery Energy Corp.)

Right of withdrawal. (aA) Subject to the provisions of this Clause Article 13, the Dilution and Carried Interest Agreement and the Contract, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 1 contract

Sources: Joint Operating Agreement (Fortune Oil & Gas Inc)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article XIII (and the provision of the Petroleum Contract), any Party may withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause 13.9Article 13.8.

Appears in 1 contract

Sources: Joint Operating Agreement (Fx Energy Inc)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article XIII, any Party may withdraw from this Agreement and the Contract Concession Agreement by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 1 contract

Sources: Operating Agreement (Transatlantic Petroleum Corp)

Right of withdrawal. (aA) Subject to the provisions of this Clause 13Article 13 and the Contract, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (bB) The effective date of withdrawal for a withdrawing Party shall be the end of the third (3rd) calendar month following the calendar month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 1 contract

Sources: International Operating Agreement (Geoglobal Resources Inc.)

Right of withdrawal. (a) 13.1. A Subject to this Article 13 and the provisions of this Clause 13Contract, any Party not in default may at its option withdraw from this Agreement and the Contract by giving notice to all other Parties stating its decision to withdraw. Such notice shall be unconditional and irrevocable when given, except as may be provided in Clause Article 13.7. (b) 13.1. B The effective date of withdrawal for a withdrawing Party shall be the end of the calendar month following Calendar Month after the calendar month Calendar Month in which the notice of withdrawal is given, provided that if all Parties elect to withdraw, the effective date of withdrawal for each Party shall be the date determined by Clause Article 13.9.

Appears in 1 contract

Sources: Joint Operating Agreement (Duma Energy Corp)