Common use of Appointment of Operator Clause in Contracts

Appointment of Operator. 10.1 Unless otherwise agreed by the Parties in writing, and except as otherwise provided in this Article 10, the Optionor will act as Operator until the Second Operative Date, at which time the Operator will be the party with the largest Interest. If, after the Second Operative Date, the Parties' Interests change, the party with the largest Interest will be the Operator. 10.2 The Party acting as Operator may resign as Operator on at least 90 days' notice to all the Parties. In that event, the Operator will be selected by the Management Committee by the casting of that number of votes which is equal to each Party's Interest, such resignation to be effective as of a date designated by the Management Committee. 10.3 The Management Committee may, by Special Majority, remove the Party acting as Operator if: (a) that Party makes an assignment for the benefit of its creditors, or consents to the appointment of a receiver for all or substantially all of its property, or files a petition in bankruptcy or is adjudicated bankrupt or insolvent; or (b) a court order is entered without that Party's consent: (i) appointing a receiver or trustee for all or substantially all of its property; or (ii) approving a petition in bankruptcy or for a reorganization pursuant to the applicable bankruptcy legislation or for any other judicial modification or alteration of the rights of creditors; (c) the Operator is in default under this Agreement and fails to cure such default, or to commence bona fide curative measures, within 30 days of receiving notice of the default from a non-Operator; (d) the Operator fails to meet any of its obligations pursuant to section 11; or (e) the Operator undergoes a change in Control. 10.4 If the Management Committee, acting in accordance with paragraph 10.3, removes the Party acting as Operator, such removal will be effective as of a date designated by the Management Committee. 10.5 If the Operator resigns or is removed, in accordance with paragraph 10.3, the Management Committee will thereupon select another Party to become the Operator effective as of a date established by the Management Committee. 10.6 The new Operator will assume all of the rights, duties, liabilities and status of the previous Operator as provided in this Agreement. The new Operator will have no obligation to hire any employees of the former Operator resulting from this change of Operator. 10.7 Upon ceasing to be Operator, the former Operator will forthwith deliver to the new Operator custody of all Assets, Property, books, records, and other property both real and personal which it prepared or maintained in its capacity as Operator. 10.8 If the Operator resigns or is removed and no other Party consents to act as Operator, the Joint Venture will be terminated and the Party which was the Operator may, if it consents to act, continue to act as Operator to effect the termination. The Parties will be obligated to fund each of their respective Proportionate Shares of the Costs incurred to effect the termination.

Appointment of Operator. 10.1 9.1 Unless otherwise agreed by the Parties in writing, and except as otherwise provided in this Article 109, the Optionor will act as Operator until the Second Operative Date, at which time the Operator will be the party with the largest Interest. If, after the Second Operative Date, the Parties' ’ Interests change, the party with the largest Interest will be the Operator. 10.2 9.2 The Party acting as Operator may resign as Operator on at least 90 days' ’ notice to all the Parties. In that event, the Operator will be selected by the Management Committee by the casting of that number of votes which is equal to each Party's ’s Interest, such resignation to be effective as of a date designated by the Management Committee. 10.3 9.3 The Management Committee may, by Special Majority, remove the Party acting as Operator if: (a) that Party makes an assignment for the benefit of its creditors, or consents to the appointment of a receiver for all or substantially all of its property, or files a petition in bankruptcy or is adjudicated bankrupt or insolvent; or (b) a court order is entered without that Party's ’s consent: (i) appointing a receiver or trustee for all or substantially all of its property; or (ii) approving a petition in bankruptcy or for a reorganization pursuant to the applicable bankruptcy legislation or for any other judicial modification or alteration of the rights of creditors; (c) the Operator is in default under this Agreement and fails to cure such default, or to commence bona fide curative measures, within 30 days of receiving notice of the default from a non-Operator; (d) the Operator fails to meet any of its obligations pursuant to section 11; or (e) the Operator undergoes a change in Control. 10.4 9.4 If the Management Committee, acting in accordance with paragraph 10.39.3, removes the Party acting as Operator, such removal will be effective as of a date designated by the Management Committee. 10.5 9.5 If the Operator resigns or is removed, removed in accordance with paragraph 10.39.3, the Management Committee will thereupon select another Party to become the Operator effective as of a date established by the Management Committee. 10.6 9.6 The new Operator will assume all of the rights, duties, liabilities and status of the previous Operator as provided in this Agreement. The new Operator will have no obligation to hire any employees of the former Operator resulting from this change of Operator. 10.7 9.7 Upon ceasing to be Operator, the former Operator will forthwith deliver to the new Operator custody of all Assets, Property, books, records, and other property both real and personal which it prepared or maintained in its capacity as Operator. 10.8 9.8 If the Operator resigns or is removed and no other Party consents to act as Operator, the Joint Venture will be terminated and the Party which was the Operator may, if it consents to act, continue to act as Operator to effect the termination. The Parties will be obligated to fund each of their respective Proportionate Shares of the Costs incurred to effect the termination.

Appointment of Operator. 10.1 9.1 Unless otherwise agreed by the Parties in writing, and except as otherwise provided in this Article 109, the Optionor will act as Operator until the Second Operative Date, at which time the Operator will be the party with the largest Interest. If, after the Second Operative Date, the Parties' ’ Interests change, the party with the largest Interest will be the Operator. 10.2 9.2 The Party acting as Operator may resign as Operator on at least 90 days' ’ notice to all the Parties. In that event, the Operator will be selected by the Management Committee by the casting of that number of votes which is equal to each Party's ’s Interest, such resignation to be effective as of a date designated by the Management Committee. 10.3 9.3 The Management Committee may, by Special Majority, remove the Party acting as Operator if: (a) that Party makes an assignment for the benefit of its creditors, or consents to the appointment of a receiver for all or substantially all of its property, or files a petition in bankruptcy or is adjudicated bankrupt or insolvent; or (b) a court order is entered without that Party's ’s consent: (i) appointing a receiver or trustee for all or substantially all of its property; or (ii) approving a petition in bankruptcy or for a reorganization pursuant to the applicable bankruptcy legislation or for any other judicial modification or alteration of the rights of creditors; (c) the Operator is in default under this Agreement and fails to cure such default, or to commence bona fide curative measures, within 30 days of receiving notice of the default from a non-Operator; (d) the Operator fails to meet any of its obligations pursuant to section 1110; or (e) the Operator undergoes a change in Control. 10.4 9.4 If the Management Committee, acting in accordance with paragraph 10.39.3, removes the Party acting as Operator, such removal will be effective as of a date designated by the Management Committee. 10.5 9.5 If the Operator resigns or is removed, in accordance with paragraph 10.39.3, the Management Committee will thereupon select another Party to become the Operator effective as of a date established by the Management Committee. 10.6 9.6 The new Operator will assume all of the rights, duties, liabilities and status of the previous Operator as provided in this Agreement. The new Operator will have no obligation to hire any employees of the former Operator resulting from this change of Operator. 10.7 9.7 Upon ceasing to be Operator, the former Operator will forthwith deliver to the new Operator custody of all Assets, Property, books, records, and other property both real and personal which it prepared or maintained in its capacity as Operator. 10.8 9.8 If the Operator resigns or is removed and no other Party consents to act as Operator, the Joint Venture will be terminated and the Party which was the Operator may, if it consents to act, continue to act as Operator to effect the termination. The Parties will be obligated to fund each of their respective Proportionate Shares of the Costs incurred to effect the termination.