Common use of Termination on Certain Events Clause in Contracts

Termination on Certain Events. The MINISTER may, upon the approval of EMRA’s BoD terminate the Exploration License, if any of the following events occur: (a) Failure to pay the rental value or the royalty within sixty (60) days from the due date. (b) Breach of any of the provisions of the Law or its Executive Regulations. (c) Breach of any of the License terms or conditions. (d) Issuance of an enforceable judgement declaring the Company bankrupt. (e) Liquidation, dissolution or expiry of the duration of the licensed Company. (f) Non-commencement of the works subject of the License for a period not exceeding one-month from the date of taking hold of the area for causes attributable to the licensee, or the stoppage of work without a written permission from EMRA, for six consecutive months. (g) Assignment of the License to third parties or subletting the licensed area without EMRA’s written approval. (h) If the licensee stores the extracts in a land outside the borders of the Exploration Area without concluding a lease contract therefor. (i) If it is proved that the licensed area is polluted due to a cause attributable to the licensee and the licensee does not remedy it, in spite of warnings by EMRA. (j) If the licensee submits to EMRA false data or documents established to be falsified. (k) In the case of termination, all the maps and data related to the License shall be the property of EMRA