Abandonment Agreement Sample Clauses

Abandonment Agreement. Not less than two years prior to the expected date for abandonment of any production or other substantial facilities, the Parties shall agree to the terms of an abandonment agreement which shall comply with any relevant provisions of the Petroleum Law and any regulations issued pursuant thereto and ensures that appropriate provision will be made for the cost of abandonment of those facilities and any related liabilities. Unless otherwise agreed abandonment liabilities shall be shared by the Parties in proportion to Percentage Interests. In the event of a Party defaulting under the abandonment agreement, then the Party in question shall be in default under this Agreement and deemed to be a Defaulting Party under Article 12 hereof.
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Abandonment Agreement. The Parties participating in a development will before submission of a development plan to the HA agree the terms of an Abandonment Agreement. Such agreement shall state the terms for the security, which each Party shall provide to the other Parties for its share of the costs of abandonment (which expression shall include demolition and removal together with any necessary site reinstatement) of all or part of any facilities, equipment, installations and pipelines used in connection with the Joint Operations ("Abandonment"). The Abandonment Agreement shall state the date from which the security shall be provided, based on estimates of: (i) The likely costs of Abandonment; and (ii) The net funds (to be defined in the Abandonment Agreement, but in any case to be net of expenses of production and costs of Abandonment) to be made available from production of Hydrocarbons from a Discovery to discharge the costs of Abandonment. The Abandonment Agreement shall further state that, if a Party fails to provide and maintain the agreed security, such failure shall also constitute a default under this Agreement and the provisions of Article 11.3 shall apply to such default. The Abandonment Agreement shall further provide for the provision of security in case of assignment.
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Abandonment Agreement. Without prejudice to Article 5.11.2, not less than three years prior to the expected date for abandonment of any production or other substantial facilities, the Parties shall agree to the terms of an abandonment agreement which shall comply with any relevant provisions of the Petroleum Law and any regulations issued pursuant thereto and ensures that appropriate provision will be made for the cost of abandonment of those facilities and any related liabilities. Unless otherwise agreed abandonment liabilities shall be shared by the Parties (including the holder of the Carried Interest) in proportion to Percentage Interests. In the event of a Party defaulting under the abandonment agreement, then the Party in question shall be in default under this Agreement and deemed to be a Defaulting Party under Article 15 hereof.
Sample 1
Abandonment Agreement. Simultaneously with the execution of this Assignment, Pioneer USA and Assignee have executed an Abandonment Agreement, dated as of the Effective Time, and such parties have executed such additional documents and taken such actions as specifically set forth therein in connection with such execution. TO HAVE AND TO HOLD the Assets unto Assignee, its successors and assigns, subject to the terms, covenants and conditions hereinabove set forth. EXECUTED in the presence of the undersigned witnesses on the dates indicated below in the acknowledgments of each signatory to be effective in all respects as of the Effective Time. ASSIGNOR: WITNESSES: Pioneer Natural Resources USA, Inc. By: Print Name: Xxxxxxx X. Xxxxxx Executive Vice President Business Development Print Name: ASSIGNOR: WITNESSES: Mesa Offshore Royalty Partnership by: Pioneer Natural Resources USA, Inc., in its capacity as Managing General Partner Print Name: By: Xxxxxxx X. Xxxxxx Print Name: Executive Vice President Business Development XXXXX XX XXXXX § § XXXXXX OF DALLAS § This instrument was acknowledged before me on the day of , 2009, by as , of Pioneer Natural Resources USA, Inc., a Delaware corporation, on behalf of said corporation. I have hereunto set my hand and official seal this day of , 2009. Notary Public, State of Texas My Commission expires on STATE OF TEXAS § § COUNTY OF DALLAS § This instrument was acknowledged before me on the day of , 2009, by as , of Pioneer Natural Resources USA, Inc., a Delaware corporation, on behalf of the Mesa Offshore Royalty Partnership in its capacity as Managing General Partner of the Mesa Offshore Royalty Partnership. I have hereunto set my hand and official seal this day of , 2009. Notary Public, State of Texas My Commission expires on WITNESSES: ASSIGNEE: Print Name: Print Name: By: Name: Title: STATE OF TEXAS § § COUNTY OF § This instrument was acknowledged before me on the day of , 2009, , as , of a corporation, on behalf of said corporation. I have hereunto set my hand and official seal this day of , 2009. Notary Public, State of Texas My Commission expires on Oil and Gas Lease bearing Serial No. OCS-G 4559, effective January 1, 1981, by and between the United States of America, as Lessor, and Mesa Petroleum Co., as Lessee, covering all of Block A-39, Brazos Area, as shown on OCS Leasing Map, Texas Map, No. 5, containing 5,760 acres, more or less; Pioneer Natural Resources USA, Inc. is hereby reserving and retaining: NONE
Sample 1

Related to Abandonment Agreement

  • Assignment Agreements Each Bank may, from time to time, with the consent of the Borrower and Agent (which will not in any instance be unreasonably withheld), sell or assign to other banking institutions rated "B" or better by Thomxxxx Xxxk Watch Service a pro rata part of all of the indebtedness evidenced by the Notes then owed by it together with an equivalent proportion of its obligation to make Loans hereunder and the credit risk incidental to the Letters of Credit pursuant to an Assignment Agreement substantially in the form of Exhibit J attached hereto, executed by the assignor, the assignee and the Borrower, which agreements shall specify in each instance the portion of the indebtedness evidenced by the Notes which is to be assigned to each such assignor and the portion of the Commitments of the assignor and the credit risk incidental to the Letters of Credit (which portions shall be equivalent) to be assumed by it (the "Assignment Agreements"), provided that the Borrower may in its sole discretion withhold its consent to any assignment by a Bank to any assignee which has total capital and surplus of less than $200,000,000.00 or to any assignment by a Bank of less than all of its Commitments if as a result thereof the assignor will have Commitments hereunder of less than one half of its assigned Commitments or the assignee will have Commitments hereunder of less than $3,500,000.00 or, after giving effect thereto, there would be more than 10 Banks, further provided that nothing herein contained shall restrict, or be deemed to require any consent as a condition to, or require payment of any fee in connection with, any sale, discount or pledge by any Bank of any Note or other obligation hereunder to a Federal reserve bank. Upon the execution of each Assignment Agreement by the assignor, the assignee and the Borrower and consent thereto by the Agent (i) such assignee shall thereupon become a "Bank" for all purposes of this Agreement with a Commitment in the amount set forth in such Assignment Agreement and with all the rights, powers and obligations afforded a Bank hereunder, (ii) the assignor shall have no further liability for funding the portion of its Commitments assumed by such other Bank and (iii) the address for notices to such Bank shall be as specified in the Assignment Agreement, and the Borrower shall execute and deliver Notes to the assignee Bank in the amount of its Commitments and new Notes to the assignor Bank in the amount of its Commitments after giving effect to the reduction occasioned by such assignment, all such Notes to constitute "Notes" for all purposes of this Agreement, and there shall be paid to the Agent, as a condition to such assignment, an administration fee of $2,500 plus any out-of-pocket costs and expenses incurred by it in effecting such assignment, such fee to be paid by the assignor or the assignee as they may mutually agree, but under no circumstances shall any portion of such fee be payable by or charged to the Borrower.

  • Assignment Agreement The Assignment and Assumption Agreement, dated the Closing Date, between Residential Funding and the Company relating to the transfer and assignment of the Mortgage Loans.

  • Development Agreement As soon as reasonably practicable following the ISO’s selection of a transmission Generator Deactivation Solution, the ISO shall tender to the Developer that proposed the selected transmission Generator Deactivation Solution a draft Development Agreement, with draft appendices completed by the ISO to the extent practicable, for review and completion by the Developer. The draft Development Agreement shall be in the form of the ISO’s Commission-approved Development Agreement for its reliability planning process, which is in Appendix C in Section 31.7 of Attachment Y of the ISO OATT, as amended by the ISO to reflect the Generator Deactivation Process. The ISO and the Developer shall finalize the Development Agreement and appendices as soon as reasonably practicable after the ISO’s tendering of the draft Development Agreement. For purposes of finalizing the Development Agreement, the ISO and Developer shall develop the description and dates for the milestones necessary to develop and construct the selected project by the required in-service date identified in the Generator Deactivation Assessment, including the milestones for obtaining all necessary authorizations. Any milestone that requires action by a Connecting Transmission Owner or Affected System Operator identified pursuant to Attachment P of the ISO OATT to complete must be included as an Advisory Milestone, as that term is defined in the Development Agreement. If the ISO or the Developer determines that negotiations are at an impasse, the ISO may file the Development Agreement in unexecuted form with the Commission on its own, or following the Developer’s request in writing that the agreement be filed unexecuted. If the Development Agreement is executed by both parties, the ISO shall file the agreement with the Commission for its acceptance within ten (10) Business Days after the execution of the Development Agreement by both parties. If the Developer requests that the Development Agreement be filed unexecuted, the ISO shall file the agreement at the Commission within ten (10) Business Days of receipt of the request from the Developer. The ISO will draft, to the extent practicable, the portions of the Development Agreement and appendices that are in dispute and will provide an explanation to the Commission of any matters as to which the parties disagree. The Developer will provide in a separate filing any comments that it has on the unexecuted agreement, including any alternative positions it may have with respect to the disputed provisions. Upon the ISO’s and the Developer’s execution of the Development Agreement or the ISO’s filing of an unexecuted Development Agreement with the Commission, the ISO and the Developer shall perform their respective obligations in accordance with the terms of the Development Agreement that are not in dispute, subject to modification by the Commission. The Connecting Transmission Owner(s) and Affected System Operator(s) that are identified in Attachment P of the ISO OATT in connection with the selected transmission Generator Deactivation Solution shall act in good faith in timely performing their obligations that are required for the Developer to satisfy its obligations under the Development Agreement.

  • License Agreement The Trust shall have the non-exclusive right to use the name "Invesco" to designate any current or future series of shares only so long as Invesco Advisers, Inc. serves as investment manager or adviser to the Trust with respect to such series of shares.

  • By Agreement if the Distributor and the Retailer agree to the proposed change they will promptly sign a written variation to this agreement documenting the change, and this agreement will be deemed to have been changed on the date the variation is signed by the Distributor and Retailer or on such other date as specified in the variation; and

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Exclusive Agreement This is the entire Agreement between Contractor and Client.

  • Confidential Information and Invention Assignment Agreement Executive acknowledges that he has previously executed and delivered to an officer of the Company the Company’s Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”) and that the Confidentiality Agreement remains in full force and effect.

  • Exclusive Agreement; Amendment This Agreement supersedes all prior agreements or understandings among the parties with respect to its subject matter with respect thereto and cannot be changed or terminated orally.

  • Assignment of Management Agreement As additional collateral security for the Loan, Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.

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