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33.1 Surrender

(a) The Company may surrender its rights under this Agreement by Notice to the State signed by an authorized Company representative on:
(a) Sixty (60) Days Notice under this Agreement at any time before the Date of Commencement of Commercial Production; and
(b) Six months’ Notice under this Agreement after the Date of Commencement of Commercial Production.
(b) Once an effective surrender is made, the Company shall have no obligations and liabilities under this Agreement except as specifically provided herein to the contrary.
(c) The Company shall remain liable for all obligations accrued before the effective date of the surrender and also for the obligations that must be fulfilled after termination, except for the Project completion and the cost and payment obligations specified in this Agreement.

33.2 Termination by the State

33.2.1 Termination on Certain Events.

The State may terminate this Agreement, without prejudice to any other rights that the State may have, if any of the following events occur:

(a) Subject to the Section 31.0 of this Agreement, the Date of Commencement of Commercial Production does not occur on or before the end of the [ __ x__ ] month following the Effective Date;
(b) The Company fails to make a payment when due and then fails to make said payment within sixty (60) Days after the State gives a Notice of the failure to make said payment;
(c) The Company dissolves, liquidates, becomes insolvent, commits an act of bankruptcy, makes an assignment for the benefit of creditors, petitions or applies to any tribunal for the appointment of a trustee or receiver for itself, or commences any proceedings concerning itself under a law concerning bankruptcy, or insolvency other than for the purposes of corporate reorganisation;
(d) Parent Company dissolves or liquidates (other than for the purposes of corporate reorganisation) or becomes unable to perform its obligations under this Agreement and does not provide a financially responsible third party to accept those obligations with the consent of the State, which consent must not be unreasonably withheld or delayed.

33.2.2 Termination on Breach.

The State may provide Notice to the Company of a material breach of, or a failure to comply with or observe, a fundamental provision of this Agreement. If the Company fails or neglects to either (i) diligently and consistently pursue a course of action that is reasonably intended to remedy that breach or failure within sixty (60) Days (or a longer period as is reasonable in the circumstances) after the State gives a Notice requiring that the breach be remedied or the provision be complied with or observed, or (ii) challenge the State’s assertion of breach under Section 32.0 of this Agreement, the State may terminate this Agreement.

33.3 Termination by the Company

The Company may terminate this Agreement without prejudice to any other rights it may have if the State commits a material breach of a fundamental provision of this Agreement and fails or neglects to diligently and consistently pursues a course of action that is reasonably intended to remedy that breach within sixty (60) Days (or a longer period as is reasonable in the circumstances) after the Company gives Notice requiring that the breach be remedied.

REFER TO MMDA DISCLAIMERS AND MMDA USER’S GUIDE
PRIOR TO ANY USE OF THIS DOCUMENT.

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