Amounts Owed to Third Parties; Taxes. Amounts deposited into the Project Account and owing to (i) Working Interest and Royalty Interest owners that are not Affiliates of Borrower, or (ii) Governmental Authorities for taxes or payments measured by production will be released by Administrative Agent to Borrower upon receipt of a certificate from Borrower detailing the amounts and the party to be paid. If an Event of Default exists, however, Administrative Agent will, at its option and upon notice to Borrower, have the right (but not the obligation) to make payments directly to the Persons identified on Borrower’s certificate. A Responsible Officer shall deliver the certificate contemplated by this Section 2.12(c) on behalf of Borrower.
Amounts Owed to Third Parties; Taxes. Amounts deposited into the Project Account and owing to (i) Working Interest and Royalty Interest owners that are not Affiliates of Borrower, or (ii) Governmental Authorities for Taxes or payments measured by production will be released by Administrative Agent to Borrower upon receipt of a certificate from Borrower detailing the amounts and the party to be paid. If an Event of Default exists, however, Administrative Agent will, at its option and upon prior written notice to Borrower, have the right (but not the obligation) to make payments directly to the Persons identified on Borrower’s certificate. Schedule 1.6(c) identifies and contains a specimen signature of each Person authorized to deliver the certificate contemplated by this Section 1.11(b) on behalf of Borrower. Unless otherwise noted on Schedule 1.6(c), only a single signatory is required on a certificate.
Amounts Owed to Third Parties; Taxes. Amounts deposited into the Payment Account and owing to (i) Working Interest and Royalty Interest owners that are not Affiliates of Borrower, or (ii) Governmental Authorities for Taxes or payments measured by production will be released by Administrative Agent to Borrower upon receipt of a certificate from Borrower detailing the amounts and the party to be paid. If an Event of Default exists, however, Administrative Agent will, at its option (acting at the direction of the Required Lenders) and upon prior written notice to Borrower, have the right (but not the obligation) to make payments directly to the Persons identified on Borrower’s certificate. Schedule 1.11(b) identifies and contains a specimen signature of each Person authorized to deliver the certificate contemplated by this Section 1.11(b) on behalf of Borrower. Unless otherwise noted on Schedule 1.11(b), only a single signatory is required on a certificate.
