Acquisition Oversight Clause Samples

Acquisition Oversight. Within ten (10) calendar days following receipt of all the information described in Section 4.2, the Hydrocarbon Monitor shall issue a written report to BHUH, the Utilities, and the PUCs regarding whether the proposed acquisition satisfies the Acquisition Criteria. If the Hydrocarbon Monitor determines that the proposed acquisition does not satisfy the Acquisition Criteria, then the proposed acquisition shall not be deemed a Property under this COSG Agreement, provided such a determination shall not preclude BHUH from subsequently seeking approval under this Section 4.3 for the same proposed acquisition. If the Hydrocarbon Monitor determines that the proposed acquisition satisfies the Acquisition Criteria and no PUC reaches a contrary determination in a formal, adjudicative proceeding concluded within sixty (60) calendar days after receipt of the Hydrocarbon Monitor’s report, then the following shall occur upon the closing of the acquisition: the proposed acquisition shall be deemed a Property under the terms of this COSG Agreement, the Proposed Drilling Program shall become the Drilling Plan for the Property, and BHUH shall cause COSGCO to develop the Property until the next Five-Year Anniversary in accordance with the Drilling Plan, unless adjusted pursuant to Section 3.3 or Section 3.4, and without further PUC action. If the Hydrocarbon Monitor determines that the proposed acquisition satisfies the Acquisition Criteria but one or more PUCs reach a contrary determination in a formal, adjudicative proceeding concluded within sixty (60) calendar days after receipt of the Hydrocarbon Monitor’s report, then, if BHUH directs COSGCO to move forward with the proposed acquisition, the following shall occur upon the closing of the acquisition: (i) The proposed acquisition shall be deemed a Property under the terms of this COSG Agreement, the Proposed Drilling Program shall become the Drilling Plan for the Property, and BHUH shall cause COSGCO to develop the Property until the next Five-Year Anniversary in accordance with the Drilling Plan, unless adjusted pursuant to Section 3.3 or Section 3.4, and without further PUC action, provided that if BHUH determines that the Proposed Drilling Program needs to be modified to account for the non-participation of a Non-Participating Utility in the Property, then (1) BHUH shall first make such modifications to the Proposed Drilling Program, and (2) the proposed acquisition shall not become a Property unless the Hydrocarbon M...