AN UNFORGIVING LANDSCAPE Sample Clauses

AN UNFORGIVING LANDSCAPE. Entering into farmout agreements is a common and familiar practice in the oil & gas industry. Farmees often invest millions of dollars to develop farmout acreage and can assign great value to undeveloped land that they intend to drill over the term of the agreement. However, when a farmor files for bankruptcy, the farmee can suddenly find itself in an unforgiving landscape where the treatment of its farmout agreement is far from certain. Land that the farmee rightfully believed it had the right to drill and develop can potentially be drawn into the farmor’s bankruptcy estate and sold for the benefit of the farmor’s creditors, resulting in high stakes litigation between farmor and farmee over the question of “whose land is it anyway?” (or perhaps more importantly, who gets to drill and develop the underlying minerals). This fight most recently played out in the Vanguard Natural Resources, LLC bankruptcy (hereinafter the “VNR Bankruptcy”),1 wherein debtor/farmor Vanguard Operating, LLC sought to reject its farmout agreement with Encana Oil & Gas (USA) Inc. and sell the subject acreage free and clear of Encana’s drilling and development right.2 Encana vigorously objected to Vanguard’s attempt to reject the farmout agreement by asserting, among other things, that (i) the land subject to the farmout agreement was not property of Vanguard’s bankruptcy estate in light of an express carve out in the Bankruptcy Code, and (ii) Encana’s right to drill and develop the underlying acreage was a real property interest and a covenant running with the land under Texas law that could not be rejected in bankruptcy.3 Vanguard countered that the farmout agreement 1 In re Vanguard Natural Resources, LLC, Case No. 17-30560 (MI) (Bankr. S.D. Tex. 2017). 2 Xxxx Xxxx & XxXxxx was counsel to Encana in the VNR Bankruptcy. The authors of this paper worked on the case, along with Xxxxx X. Xxxxxxxx and other colleagues at the firm.‌ 3 VNR Bankruptcy Docket Nos. 209 & 486. was nothing more than an executory contract that could be rejected for a valid business purpose, the farmout agreement only gave Encana the “right to propose” xxxxx rather than a separate and distinct real property interest, and Vanguard at all times retained the right to drill and develop the lands subject to the farmout agreement.4 The bankruptcy court ruled that Vanguard could reject whatever the court ultimately determined was executory, and deferred ruling on the nature of the farmout agreement in the context of t...
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Related to AN UNFORGIVING LANDSCAPE

  • Landscape Develop and coordinate landscape design concepts entailing analysis of existing conditions, proposed components and how the occupants will use the facility. Include location and description of planting, ground improvements and visual barriers.

  • Landscaping Maintaining, tending and cultivating and (as necessary) re-stocking any garden or grassed areas including replacing plants, shrubs and trees as necessary.

  • PAVING Provide a standard bubble map, as part of the plans, showing locations of numbered points, and a table with point number, northing and easting coordinates, description, and BL station for each point, for the following: ▪ all platted control irons (set or not), including plat boundary irons, for the entire sub-division, not just the current phase ▪ benchmarks, including TBM set with preliminary survey In addition to the required coordinate information, the following shall be included in all plans, at a minimum, as needed for construction staking on all City projects. ▪ Include copy of plat(s) on all plans, as relevant and approved by the Design Engineer ▪ Benchmarks – minimum of two City standards, four total desirable; as close to project as possible, even if TBM set with preliminary survey. ▪ Benchmark elevations must be in the same datum as the design (i.e. NAV 88 design needs NAV 88 benchmarks, not NAV 29) ▪ All control irons/identified property irons shall be shown on plans, with BL stationing and offset ▪ Show deflection angles in BL, and/or bearing/azimuth of BL sections ▪ Arterial project side streets – provide BL station at CL of intersection of the two streets, on the BL; BL station and offset to CL of side street at removal limits; include deflection angle from BL to CL of side street ▪ Existing FL/pavement grades shown at all match points ▪ Top of curb grades and stationing at all ends-of-return and horizontal/vertical P.I.’s, not just even stationing ▪ CL top of pavement grades for arterial ▪ CL elevation for streets on mass grading work @ 100’ Sta in tangent sections and 50’ on curves.

  • Walls 12 Developer shall provide rustication patterns on all walls, except drainage headwalls, in Aesthetic 13 Area 3 in accordance with Exhibit L2.24 of the LAADCR. The final designs shall resemble these 14 simulations.

  • Road Surfaces (1) Grade, shape, crown, and/or outslope surface and shoulders.

  • Fences Except for establishment cost incurred by the United States and replacement cost not due to the Landowner’s negligence or malfeasance, all other costs involved in maintenance of fences and similar facilities to exclude livestock are the responsibility of the Landowner. The installation or use of fences which have the effect of preventing wildlife access and use of the Easement Area are prohibited on the Easement Area, easement boundary, or on the Landowner’s land that is immediately adjacent to, and functionally related to, the Easement Area.

  • Pavement The combined surface course, base course, and subbase course, if any, considered as a single unit.

  • Sidewalks doorways, vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises. No rubbish, litter, trash, or material shall be placed, emptied, or thrown in those areas. At no time shall Tenant permit Tenant’s employees to loiter in Common Areas or elsewhere about the Building or Property.

  • Restrooms The restrooms, toilets, urinals, vanities and the other apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the Tenant whom, or whose employees or invitees, shall have caused it.

  • Mowing Mowing, edging (of sidewalks, paved approaches and curbs), litter removal, herbicide treatment, grass clipping removal, and brush control are included under one bid item. Regular mowing under this contract is generally limited to mowing areas of shoulders, front and back slopes of ditches less than or equal to three-to-one (3:1) slope, roadside retention areas, dry roadside ditch bottoms, median islands and various width utility strips and similar areas. Slope mowing, which is also a contract requirement, is generally limited to slopes greater or steeper than three-to-one (3:1) and are relatively inaccessible to the use of conventional mowing equipment (e.g., steep slopes, retention area banks and shores, bridge/overpass banks, canal banks, wet roadside ditches, etc). These types of areas will normally require equipment specifically designed for this type of work. When slope mowing is performed, it will incorporate the use of string trimmers to protect the integrity of the slope and prevent damage to the turf. Sign posts, mailboxes, guardrails, trees, roadside outfall structures, fences, divider walls, shrubs, plants, light poles, utility flags or other such obstacles to mowing will be hand mowed or trimmed around as necessary to present a groomed appearance. Top of vegetation on wet bottom ditches areas must be cut-off to the water’s level. Particular attention will be paid to planted areas. Any damage that occurs to plants, trees, shrubs, mulched beds, tree rings, sprinkler heads, etc., will be repaired or restored, at the Contractor’s expense, before the cycle is completed. Mowing will also include grass clipping removal and litter removal, edging, and herbicide treatment. These costs will be included in the unit price bid for right-of-way mowing.

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