Common use of Dedicated Acreage Clause in Contracts

Dedicated Acreage. As of the Closing, with respect to each Gathering System that is identified on Schedule 2.29, the Seller and its Affiliates (not including any member of the Company Group) will have dedicated the natural gas production from not less than the number of Net Acres set forth opposite such Gathering System under the heading “Seller Dedicated Net Acres” on Schedule 2.29 under gas gathering agreements to which at least one member of the Company Group is a party (with respect to each Gathering System, the “Closing System Dedicated Net Acres”). With respect to each Gathering System, the number of Net Acres owned by the Seller and its Affiliates (not including any member of the Company Group) with respect to such Gathering System as of the date on which the Seller and its Affiliates delivered to the applicable Reserve Engineer the information described in Section 2.27 with respect to the upstream oil and gas assets serviced by such Gathering System is not less than the Closing System Dedicated Net Acres applicable to such Gathering System. The description and maps of the UNIT PURCHASE AGREEMENT 32 dedication area set forth in each New Commercial Agreement is sufficient under applicable Law to bind each Seller Party that is or is contemplated to be party thereto.

Appears in 3 contracts

Samples: Unit Purchase Agreement, Unit Purchase Agreement, Unit Purchase Agreement (Access Midstream Partners Lp)

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Dedicated Acreage. As of the Closing, with respect to each Gathering System that is identified on Schedule 2.29, the Seller and its Affiliates (not including any member of the Company Group) will have dedicated the natural gas production from not less than the number of Net Acres set forth opposite such Gathering System under the heading “Seller Dedicated Net Acres” on Schedule 2.29 under gas gathering agreements to which at least one member of the Company Group is a party (with respect to each Gathering System, the “Closing System Dedicated Net Acres”). With respect to each Gathering System, the number of Net Acres owned by the Seller and its Affiliates (not including any member of the Company Group) with respect to such Gathering System as of the date on which the Seller and its Affiliates delivered to the applicable Reserve Engineer the information described in Section 2.27 with respect to the upstream oil and gas assets serviced by such Gathering System is not less than the Closing System Dedicated Net Acres applicable to such Gathering System. The description and maps of the UNIT PURCHASE AGREEMENT 32 dedication area set forth in each New Commercial Agreement is sufficient under applicable Law to bind each Seller Party that is or is contemplated to be party thereto.

Appears in 1 contract

Samples: Unit Purchase Agreement (Chesapeake Energy Corp)

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