Attachment 1, NTL No. 2003-N06 |
Effective
Date: June 17, 2003 |
Model Document For
Third-Party Guarantees
Attachment 1
The MMS developed
the following model third-party indemnity agreement. Executing this
document will meet the requirements of 30 CFR 256.57 for a third-party
guarantee. You may execute this document or you may modify the
document. If you choose to modify this document, MMS will review your
modifications and will allow you to use the modified document if MMS
determines that the modified document meets all of the requirements of
30 CFR 256.57. |
THIRD-PARTY INDEMNITY AGREEMENT
This THIRD-PARTY INDEMNITY
AGREEMENT, made and entered into this (day) day of (month) ,
(year), by (Guarantor Company Name) , MMS
Company Number (#) , (Guarantor) for the benefit of the MINERALS
MANAGEMENT SERVICE of the UNITED STATES DEPARTMENT OF THE INTERIOR (MMS)
provides for the following:
I.
By signing this document, the undersigned attests to the following:
A. If a party to this agreement is a corporation, it is incorporated and in
good standing under the laws of the State of (State) and has
all corporate power, authorizations, consents, and approvals required to
carry on its business as is now conducted and to enter into this agreement.
B. If a party to this agreement is a corporation, the undersigned include
corporate officers who are authorized to bind the corporation.
C. The undersigned are authorized to execute, deliver, and perform under
the terms of this agreement on behalf of any non-corporate guarantor.
D. This agreement does not contravene or constitute a default under any
provisions of applicable law or regulation or of its charter, certificate of
incorporation or bylaws or any agreement, judgment, injunction, order,
decree or other instrument to which it may be subject.
II.
The Guarantor agrees to the following provisions
A. The Guarantor will punctually satisfy (check one)
q
the
performance and compliance by (Name of Indemnified Company) , MMS
Company Number , (Indemnified company) with the terms and
conditions of the lease and governing Federal regulations for all leases in
the ____ OCS Region for which the indemnified company has a lease interest
or an operating interest.
q
the
performance and compliance by (Name of Indemnified Company)_, MMS
Company Number , (Indemnified company), with the terms and
conditions of the lease and governing Federal regulations for lease number
_____________.
q
the
performance and compliance by (Name of Indemnified Company) , MMS
Company Number , (Indemnified company) with the terms and
conditions of the lease and governing Federal regulations for lease number
_____________ for an amount not to exceed __________________.
B. If MMS notifies the Guarantor that the indemnified company, the
indemnified company’s operator, or an operating rights owner has failed to
comply with any lease term or regulation, the Guarantor will:
(1) not challenge the determination , and
(2) either:
i)
Take corrective action to bring the lease into compliance within the
time period specified by MMS, or
ii) Provide within 7 calendar days, sufficient funds to permit the MMS
Regional Director to complete corrective action.
C. When a Guarantor complies with this agreement by correcting a problem or
paying for a third party or for MMS to correct a problem, that compliance
will not reduce the Guarantor's liability for remaining obligations.
D. If this agreement is terminated, the Guarantor will remain liable for
all work and workmanship performed and liabilities that accrued during the
period that this Third-Party Guarantee was in effect until such time that
the indemnified company provides alternate security for the obligation and
MMS releases the Guarantor from further liability.
E. If the Guarantor wishes to terminate the period of liability under this
guarantee, the Guarantor must:
(1) Notify the indemnified
company and the MMS Regional Director at least 90 days before the proposed
termination date,
(2) Obtain the MMS Regional
Director’s approval for the termination of the period of liability for all
or a specified portion of the Guarantor’s Guarantee, and
(3) Remain liable for all
work and workmanship performed and liabilities that accrued during the
period that this Third-Party Guarantee was in effect until such time that
the indemnified company provides a replacement bond assuming all outstanding
liabilities and in an amount no less than the guarantee herein and MMS
releases the Guarantor from further liability.
F. If a party to this agreement is a partnership, joint venture, or
syndicate, the Indemnity Agreement binds each partner or party who has a
beneficial interest in the Guarantor.
G. Each party who is a
guarantor under this agreement agrees to be bound jointly and severally for
the undertakings herein.
III. If during the life of
the third-party guarantee, the guarantor no longer meets the criteria
established in 30 CFR 256.57(a)(3) and 30 CFR 256.57(c)(3), the guarantor
and the indemnified company will notify the MMS Regional Director
immediately.
GUARANTOR
______(company name)______
(Affix Corporate Seal) GUARANTOR
_________(signature)_________
_________(signature)_________
CORPORATE OFFICIAL CORPORATE OFFICIAL
____(typed signer's
name)_____
____(typed
signer's name)____
TYPED NAME TYPED NAME
_____(typed
signer's name)____
____(typed
signer's name)____
TYPED
TITLE TYPED TITLE
Witness my hand and notary seal this (day) day of (month) ,
(year)_.
_________(signature)________
(Affix Notary
Seal) NOTARY PUBLIC NAME
INDEMNIFIED
COMPANY
______(company name)______
(Affix Corporate Seal)
INDEMNITOR
_________(signature)_________
_________(signature)_________
CORPORATE
OFFICIAL CORPORATE OFFICIAL
_____(typed
signer's name)____
____(typed
signer's name)____
TYPED
NAME TYPED NAME
_____(typed
signer's name)____
____(typed
signer's name)____
TYPED
TITLE TYPED TITLE
Witness my hand and notary seal this (day) day of (month) ,
(year)_.
_________(signature)_________
(Affix Notary Seal)
NOTARY PUBLIC NAME
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