Contraction of Unit Sample Clauses

Contraction of Unit. The Unit Area may, with the consent of the Director and subject to the Approval of the Parties voting on a Volumetric Basis within all Operating Areas, be contracted to exclude lands in the following categories: (a) lands as to which exploratory operations are proposed to be undertaken by the Working Interest Owners thereof and which lands are reasonably believed to be underlain by a reservoir which is not in pressure and hydrocarbon communication with any other producing or producible reservoir in the Unit Area and which reservoir is reasonably believed to not underlie more than one lease within the Unit Area and which reservoir is reasonably believed to not be capable of operation from existing platforms in the Unit Area, or (b) lands as to which exploratory operations have disclosed a reservoir which is not in communication with any other producing or producible reservoir in the Unit Area and which separate reservoir lies predominently outside the Unit Area. Any contraction applicable to lands in this category (b) shall be conditioned on reimbursement by the Working Interest Owners of such lands to the other Parties hereto for Unit Expenditures theretofore incurred in exploratory operations hereunder applicable to such lands.
Sample 1
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Related to Contraction of Unit

  • COMPLETION OF AGREEMENT This document comprises the entire agreement between the District and the Association in the matters lawfully within the scope of negotiation. Neither party shall have any obligation to meet and negotiate during the term of this agreement.

  • Construction of Agreement The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist.

  • 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.

  • ALTERATION OF AGREEMENT A. It is hereby agreed that any alteration or modification of this Agreement shall be binding upon the parties only if agreed to in writing by both parties. B. The waiver of any condition of this Agreement by either party shall not constitute a precedent in the future enforcement of all terms and conditions herein.

  • Implementation of Agreement Each Party must promptly execute all documents and do all such acts and things as is necessary or desirable to implement and give full effect to the provisions of this Agreement.

  • Condition of Aircraft Upon any Return Occasion, Lessee shall return such Aircraft to Lessor in such condition that the Aircraft shall also comply with each and every condition and requirement set forth elsewhere in this Lease, including Exhibit E hereto.

  • Construction of Contract Both parties have participated fully in the review and revision of this contract. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply to the interpretation of this contract.

  • Inspection of Agreement A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it.

  • Completion of Work The Contractor agrees to complete the work on, or before October 29, 2021.

  • COMMENCEMENT OF WORK UNDER A SOW AGREEMENT Commencement of work as a result of the SOW-RFP process shall be initiated only upon issuance of a fully executed SOW Agreement and Purchase Order.

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