Assignment Following Cessation of Production Sample Clauses

Assignment Following Cessation of Production. Wyoming Developed Properties. If any of the six Wyoming xxxxx identified in Exhibit B-1 are ever plugged and abandoned, and if no new well is spudded in the corresponding Designated Wellbore Area within 90 days after the plugging date of that abandoned well, then Pannonian shall promptly assign to Brek an undivided 25% (or such greater interest as may be required as a result of Brek's prior exercise of the option set forth in Section 1.03) of Pannonian's right, title and interest in the leases covering the Designated Wellbore Area at that date, but only to the extent such leases cover the Designated Wellbore Area. Following any such assignment, the leasehold interests will be deemed to be leases conveyed to the Purchasers pursuant to Section 1.01, so that the leasehold interests, to the extent they cover the Designated Wellbore Area, will be included in the interests to be conveyed upon any subsequent exercise by Brek of its option in Section 1.03.
Sample 1
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Related to Assignment Following Cessation of Production

  • Preparation of Agreement This Agreement shall not be construed more strongly against any party regardless of who is responsible for its preparation. The parties acknowledge each contributed and is equally responsible for its preparation.

  • Operation of Agreement This Agreement will be effective and binding immediately upon its execution, but, anything in this Agreement to the contrary notwithstanding, this Agreement will not be operative unless and until a Change in Control occurs. Upon the occurrence of a Change in Control at any time during the Term, without further action, this Agreement shall become immediately operative.

  • No Construction as Employment Agreement Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained in the employ of the Company or any of its subsidiaries or affiliated entities.

  • Continuance of Agreement for Certain Purposes If any Party terminates this Agreement with respect to any Fund pursuant to Sections 6.1(b), 6.1(c), 6.1(d), 6.1(f), 6.1(g), 6.1(h) or 6.1(i) hereof, this Agreement shall nevertheless continue in effect as to any Shares of that Fund that are outstanding as of the date of such termination (the "Initial Termination Date"). This continuation shall extend to the earlier of the date as of which an Account owns no Shares of the affected Fund or a date (the "Final Termination Date") six (6) months following the Initial Termination Date, except that LIFE COMPANY may, by written notice shorten said six (6) month period in the case of a termination pursuant to Sections 6.1(d), 6.1(f), 6.1(g), 6.1(h) or 6.1(i).

  • Effective Date of Agreement This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

  • Effective date of notices Subject to Clauses 28.4 and 28.5:

  • Facilitation of Agreement I agree to execute promptly any proper oath or verify any proper document required to carry out the terms of this Agreement upon the Company’s written request to do so.

  • Application of Agreement Under no circumstances shall the Executive be entitled to payments pursuant to both Section 7 and Section 8 of this Agreement.

  • Cessation of Ongoing Discussions The Company shall, and shall direct its Representatives to, cease immediately all discussions and negotiations that commenced prior to the date of this Agreement regarding any proposal that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal.

  • Period of Agreement This Agreement shall remain in full force and effect for a five year contract term commencing October 17, 2013, at 12:01 a.m., and ending 12:00 midnight, October 16, 2018. At reasonable times after August 1, 2018, the parties will meet to attempt to negotiate a new contract to be effective for the period beginning after midnight, October 16, 2018.

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