Burlington Resources Agreement Sample Clauses

Burlington Resources Agreement. (a) If Seller should not be able to resolve its contract issues with Burlington Resources by Closing with regard to Contract No. MCK-1873 at the full $0.29 per MMBtu value Seller recently has sought to increase its revenues over its prior arrangement with respect to charges, fees, proceeds, fuel reimbursement and other revenue and expense components of the arrangement to take and process gas and liquids from Burlington Resources' production by means of a contract for a term of at least five (5) years, then Seller shall adjust the Purchase Price downward by an amount proportionate to the $4,250,000 value Buyer places on such $0.29 per MMBtu increase it negotiates, up to, but not to exceed, the $4,250,000 amount. (Example: Should Seller only obtain a $0.145 increase, then the Purchase Price shall be reduced by such proportion such increase bears to $0.29--i.e. 50%., or $2,125,000). (b) If Seller does not enter into such a new agreement with Burlington Resources prior to Closing for a term of at least five (5) years, but instead should Buyer prior to ninety (90) days after Closing enter into an agreement with Burlington Resources resulting in an increase in revenues similar to that described in subparagraph (a) above, then Buyer shall pay 50% of such revenue increase proportionate to the Purchase Price adjustment made pursuant to subparagraph (a), up to, but not to exceed $2,125,000. (Example: Should Buyer obtain within ninety (90) days after Closing, a $0.145 increase, then Seller shall obtain an immediate payment of $1,062,500 from Buyer).
Sample 1
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