Change of Operator. Cease for any reason to be the operator of (i)any of the Mortgaged Properties which it is operating as of the Closing Date, and (ii) any properties that it subsequently acquires and takes over operations.
Change of Operator. 4.1 The Operator may resign as operator on six (6) months' written notice. The management committee may, subject to the Ministry's consent, direct the Operator to continue until another company is ready to take over the operatorship.
4.2 The management committee may remove the Operator. The reason for the removal shall be stated and shall be subject to six (6) months' notice. Before a decision concerning such removal may be adopted, the Operator shall be given the opportunity to express its views in a management committee meeting. The Operator is not entitled to vote on the proposal to remove him. The adoption of any such proposal requires the unanimous vote of the Members of the management committee who are entitled to vote. Subject to the consent of the Ministry, a removal of the Operator may take place with immediate effect provided that:
a) The Operator's management or supervisory personnel has caused an economic loss to the Parties as the result of willful misconduct or gross negligence;
b) The Operator or any of his Affiliated companies is declared bankrupt, applies for a composition with its creditors or becomes insolvent;
c) any of the Operator's Affiliated companies, as referred to in sub-section 14 litra a) of the definitions herein, is dissolved;
d) The Operator transfers his Participating interest or a substantial part thereof, to another entity.
4.3 The Operator shall cooperate with the new operator with regard to the transfer of the operatorship. If a change of Operator has taken place, the management committee shall ensure that the joint accounts are audited and that all equipment, supplies etc. provided by the Operator for the joint activities shall be inventoried. Stored Petroleum shall also be recorded. The Operator shall, no later than at the time of change of operator and without compensation therefor, hand over to the new operator:
a) All contracts/agreements, assets, core samples, log studies, records, data etc. which have been in the Operator's custody;
b) All information and data necessary for accurate reporting during the period the change of operator is taking place;
c) Books of account, accounting records and accounts concerning the joint activities. The retiring Operator shall, however, keep verifications etc. for control purposes for as long as this Agreement remains in effect and, thereafter, for such a period of time as required by law or the management committee;
d) Copies of documents which are retained by the Operator. The...
Change of Operator. Unless otherwise provided by applicable law, regulation, or Related Agreement, Buyer must apply for and obtain regulatory approvals and permits and satisfy requirements of financial security to operate the Interests either that it will operate or for which it intends to stand for election as operator and deliver copies or other evidence of compliance to ExxonMobil before Closing.
Change of Operator. Seller and Purchaser each agree to use their respective Commercially Reasonable Efforts to obtain all consents, authorizations, and approvals necessary to cause Purchaser to be elected as the operator of that portion of the Acquired Assets operated by Seller as of the Closing Date (provided, however, in no event shall Seller make any payments or incur any material obligations owed to any Person or liabilities in connection with obtaining any such consents, authorizations or approvals), and Purchaser hereby consents and agrees, subject to obtaining such necessary consents, authorizations, and approvals, to accept the designation, responsibilities, and Liabilities as the operator of such Acquired Assets.
Change of Operator. Cease being the operator of any of the Mortgaged Properties that are presently operated by Borrower or any Subsidiary, and Borrower will use commercially reasonable efforts to seek to prevent any other operator presently operating any of the Mortgaged Properties from ceasing to be the operator of such properties for any reason, except that Borrower may succeed any entity as the operator of any of the Mortgaged Properties.
Change of Operator. From CELLC, for those Properties operated by CELLC or one of its Affiliates, appropriate state or local forms required to transfer operations from CELLC or such Affiliates to the Buyer;
Change of Operator. As promptly as practicable after Closing, Buyer shall file all change of operator forms executed at Closing with the applicable Governmental Authorities and shall use its best efforts to ensure that such change of operator forms are filed promptly after Closing.
Change of Operator. If Closing occurs, Seller agrees to use commercially reasonable efforts to assist Buyer in becoming the successor operator of those properties operated by Seller at the Effective Time.
Change of Operator. With respect to any Xxxxx operated by the Seller, counterparts of such documents as are required to transfer the regulatory authority to operate such Xxxxx to Buyer;
Change of Operator. On the Closing Date, Seller will send out notifications of its resignation as operator under any operating agreements (and related agreements), effective as of the Closing Date for all Xxxxx that Seller or any of its Affiliates currently operate. Each Party agrees to use its respective reasonable efforts to obtain all consents necessary to cause Buyer to be elected as the operator of that portion of the Assets currently operated by Seller as of the Closing Date, and Buyer hereby consents and agrees, subject to obtaining the necessary consents, to accept the designation and responsibilities as the operator of such Assets as of the Closing Date. Notwithstanding anything to the contrary contained in this Section 8.7, the Parties shall execute Texas Railroad Commission Form P-4s for all Xxxxx currently operated by Seller or its Affiliates, naming Buyer (or its designated Affiliate) as operator of such Xxxxx with the Texas Railroad Commission at Closing as provided in Section 12.2(f).
