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Note: The present text incorporates amendments as at 20.02.1994.
(A) This Contract shall be applicable to Incidents which shall have occurred after 12.00 hours G.M.T on February 20, 1987, (the “Effective Date”), and shall no longer be applicable to Incidents occurring at or after 12.00 hours G.M.T on February 20, 1992, (or such later date as may be agreed); it being understood that nothing set forth herein shall affect the obligations of CRISTAL with respect to an Incident which occurred prior to the Effective Date.
(B) An Oil Company may withdraw from this Contract at any time following the Effective Date, provided that it gives at least six (6) months prior written notice of withdrawal to CRISTAL and such withdrawing Oil Company Party shall have no rights hereunder as of the date of withdrawal; however any such withdrawal shall not affect the obligations of the withdrawing Oil Company Party with respect to Incidents which occurred prior to the said date of withdrawal, which obligations shall be satisfied as set forth in paragraph (C) of this Clause III.
(C) An Oil Company Party shall satisfy its obligations under Paragraph (B) of this Clause III by, either (i) paying a release assessment calculated by CRISTAL in a manner set forth in the Rules to this Contract or (ii) at CRISTAL’s option, contributing to Periodic Calls made after the aforesaid date of withdrawal in accordance with terms and conditions set forth in the Rules to this Contract.
This Contract may be amended by resolution adopted at any Regular or Special Meeting of the Members of CRISTAL upon a vote in which at least seventy five percent (75%) of the votes cast are in favour of said resolution. Amendments to this Contract shall apply only in respect of Incidents which occur after 12.00 hours G.M.T on the date on which said amendment is adopted by the Members of CRISTAL.
1 Following sufficient ratifications and accessions to enable the 1992 Fund Protocol to enter into force in May 1996 CRISTAL Limited decided not to renew the contract when its terms ended on 20 February 1997 to act as a stimulus for those States which had not yet done so to ratify the 1992 CLC and Fund Protocols. CRISTAL remained in being solely to meet its liabilities for incidents that occurred before that date.
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