Common use of Change of Operator Clause in Contracts

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 Operator shall be liable to the other Parties for the expenses connected to the change of operator if the Operator has been removed in accordance with Article 4.1 or Article 4.2 third paragraph litra a) through d).

Change of Operator. 4.1 8.1 The Operator may resign as operator on six (6) months' written notice. The management committee 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 8.2 The management committee 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 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 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 2 litra a) of the definitions herein, is dissolved; d) The Operator transfers his Participating interest License Interest and corresponding Unit Interest or a substantial part thereof, to another entity. 4.3 8.3 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 Management Committee shall ensure that the joint accounts Joint Account are audited and that all equipment, supplies etc. provided by the Operator for the joint activities Unit Operations 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 activitiesUnit Operations. 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 committeeManagement Committee; d) Copies of documents which are retained by the Operator. The Operator shall be liable to the other Parties for the expenses connected to the change of operator if the Operator has been removed in accordance with Article 4.1 8.1 or Article 4.2 8.2 third paragraph litra a) through d). 8.4 The Management Committee shall within sixty (60) days following a notice of change of operator submit a proposal for a new operator to the Ministry. Failing such notice, or if the Ministry does not approve the proposed operator, the Ministry may appoint a new operator.

Change of Operator. 4.1 The Operator may resign as operator on six (6) months' written notice. The management committee may, subject to the MinistryNEA'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 MinistryNEA, 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 therefortherefore, 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 Operator shall be liable to the other Parties for the expenses connected to the change of operator if the Operator has been removed in accordance with Article 4.1 or Article 4.2 third paragraph litra a) through d).