Change of Operatorship Sample Clauses

Change of Operatorship. Operatorship of the Xxxxx shall have been transferred from Petrodome Operating, LLC to an operator designated by the Buyer and acknowledged by the State.
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Change of Operatorship. For Interests that will be operated by Seller in its capacity as Manager under the Management Agreement and Operator under the Operating Agreements, and except to the extent waived by Buyer, Seller will deliver to Buyer on or before the Closing Date evidence of the following: (1) that Seller has complied with the requirements of all laws and regulations relating to the transfer of operatorship, including those regarding the assumption of responsibility for the plugging and abandoning of each Well that is included in the applicable Interests or located on the Property; (2) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (3) that Seller has, to the extent possible under applicable regulations, obtained all necessary permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. For ExxonMobil-operated Interests, and except to the extent waived by ExxonMobil, Buyer will deliver to ExxonMobil on or before the Closing Date evidence of the following: (1) that Buyer has complied with the requirements of all laws and regulations relating to the transfer of operatorship, including those regarding the assumption of responsibility for the plugging and abandoning of each Well that is included in the applicable Interests or located on the Property; (2) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (3) that Buyer has, to the extent possible under applicable regulations, obtained all necessary permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. For XTO Energy-operated Interests, and except to the extent waived by XTO Energy, Buyer will deliver to XTO Energy on or before the Closing Date evidence of the following:
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Change of Operatorship. As promptly as practicable after Closing, the Existing Member shall file all change of operator forms required for the operation of the Assets or the Business with the applicable Governmental Authorities. The Company shall use its commercially reasonable efforts to ensure that such change of operator forms are approved as promptly as practicable after Closing.
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Change of Operatorship. For ExxonMobil-operated Interests, and except to the extent typically obtained post-Closing or waived by ExxonMobil, Buyer will deliver to ExxonMobil on or before the Closing Date evidence of the following:
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Change of Operatorship. Seller is currently the Operator under the ---------------------- Participation Agreement (with JOA) dated July 22, 1998, between Seneca Resources Corporation and Seller which deals in part with the operatorship on Vermilion Block 253, and the Joint Development Agreement dated July 30, 1998, between Seller, Seneca Resources Corporation and Chevron which deals in part with the operatorship on Vermilion Blocks 252 and 253. The Parties agree to use commercially reasonable efforts to obtain the written consent of the other Parties to such Agreements to any assignment of such Agreements (if an assignment is required) and the change of operatorship under those Agreements from Seller to Buyer. If by Closing the written consents have not been obtained to the satisfaction of Buyer, subject to Seller's transfer of all of its assets and properties that are not the subject of the transactions contemplated herein and in the other agreements referred to in Section 15.11 to an affiliate of Seller, Buyer shall have the option, at no additional cost and with no additional obligations, to acquire the partnership interests of Seller so as to accomplish a merger of Seller into Buyer or Buyer's designee. Executed as of the day and year first above written. SELLER: OEDC Exploration & Production, L.P., a Texas Limited Partnership By: OEDC Inc., a Delaware Corporation, as General Partner By: /s/ Xxx X. Xxxxxxx _________________________________ Xxx X. Xxxxxxx Vice President BUYER: COASTAL OIL & GAS USA, L.P., By Its General Partner COASTAL OIL & GAS CORPORATION By: /s/ Xxxxxx X. Xxxxxxx __________________________________ Xxxxxx X. Xxxxxxx President GUARANTY UNDERTAKINGS TITAN EXPLORATION, INC. HEREBY GUARANTEES THE OBLIGATIONS AND UNDERTAKINGS OF OEDC EXPLORATION & PRODUCTION, L.P. UNDER THIS AGREEMENT AND AGREES TO CAUSE SAME TO BE PERFORMED. TITAN EXPLORATION, INC. By /s/ Xxx X. Xxxxxxx _____________________________ Xxx X. Xxxxxxx Vice President
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Change of Operatorship. 7.01. Buyer must apply for and obtain, where possible under applicable regulations, regulatory approvals and permits and satisfy requirements of financial security to operate the Formax Property provided in Section 8.04.
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Change of Operatorship. Buyer will deliver to Exxon on or before the Closing Date the following: (1) evidence of compliance with the requirements of all laws and regulations relating to the transfer of operatorship of the Formax Property, including those regarding the assumption of responsibility for the plugging and abandoning of each Well thereon, including, as applicable, evidence that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (2) evidence that Buyer has, where possible under applicable regulations, obtained all necessary permits or transfers of permits to operate the Formax Property.
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Related to Change of Operatorship

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement.

  • Continuity of Operations (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Resignation of Operator Subject to Article 4.11, Operator may resign as Operator at any time by so notifying the other Parties at least one hundred and twenty (120) Days prior to the effective date of such resignation.

  • Change in the Nature of Business The Borrower shall not, nor shall it permit any Subsidiary to, engage in any business or activity if as a result the general nature of the business of the Borrower or any Subsidiary would be changed in any material respect from the general nature of the business engaged in by it as of the Closing Date.

  • Change of Control of the Company 93A) The Secretary of State may at any time by notice in writing, subject to clause 93C) below, terminate this Agreement forthwith (or on such other date as he may in his absolute discretion determine) in the event that there is a change:

  • Change in Nature of Business Engage in any material line of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto.

  • Change of Name or Location; Change of Fiscal Year Such Grantor shall not (a) change its name as it appears in its organizational documents and as filed in such Grantor’s jurisdiction of organization, (b) change its chief executive office, principal place of business, mailing address or corporate offices or change or add warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral, in each case from the locations identified on Exhibit A, (c) change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, in each case, unless the Administrative Agent shall have received at least fifteen days (or such lesser period of time as the Administrative Agent may agree) prior written notice of such change and the Administrative Agent shall have acknowledged in writing that either (1) such change will not adversely affect the validity, perfection or priority of the Administrative Agent’s security interest in the Collateral, or (2) any reasonable action requested by the Administrative Agent in connection therewith has been completed or taken (including any action to continue the perfection of any Liens in favor of the Administrative Agent, on behalf of Lenders, in any Collateral), provided that, any new location shall be in the continental U.S. Such Grantor shall not change its fiscal year except as permitted under the Credit Agreement.

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