Disposition of Crude Oil Sample Clauses

Disposition of Crude Oil. The Parties shall in good faith, and not less than three (3) months prior to the anticipated first delivery of Crude Oil, as promptly notified by Operator, negotiate and endeavor to conclude the terms of a lifting agreement to cover the off take of Crude Oil produced under the Contract based on the AIPN Model Form Lifting Procedure containing all such terms as may be negotiated and agreed by the parties, consistent with the Development Plan and/or extended well test production rights.
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Disposition of Crude Oil. If Crude Oil is to be produced from an Exploitation Area, the Parties shall in good faith, and not less than three (3) months prior to the anticipated first delivery of Crude Oil, as promptly notified by Operator, negotiate and conclude the terms of a lifting agreement to cover the offtake of Crude Oil produced under the Contract. The lifting procedure shall be based on the AIPN Model Form Lifting Procedure and shall contain all such terms as may be negotiated and agreed by the Parties, consistent with the Development Plan and subject to the terms of the Contract. The Government Oil & Gas Company may, if necessary and practicable, also be party to the lifting agreement; if the Government Oil & Gas Company is a party to the lifting agreement, then the Parties shall endeavor to obtain its agreement to the principles set forth in this Article 9.2. If a lifting agreement has not been entered into by the date of first delivery of Crude Oil, the Parties shall nonetheless be obligated to take and separately dispose of such Crude Oil as provided in Article 9.1 and in addition shall be bound by the terms set forth in the AIPN Model Form Lifting Procedure until a lifting agreement is executed by the Parties.
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Disposition of Crude Oil. If Crude Oil is to be produced from the Unit Interval, the Parties shall in good faith, and not less than three (3) months prior to the anticipated first delivery of Crude Oil, as promptly notified by Unit Operator, negotiate and conclude the terms of a lifting agreement to cover the offtake of Crude Oil produced from the Unit Interval at each applicable Delivery Point. Each lifting procedure shall be based on the AIPN Model Form Lifting Procedure and shall contain all such terms as may be negotiated and agreed by the Parties, consistent with the Unit Development Plan and subject to the terms of the Contracts and shall contain provisions to allow for joint liftings. If a lifting agreement has not been entered into for each Delivery Point by the date of first delivery of Crude Oil, the Parties shall nonetheless be obligated to take and separately dispose of such Crude Oil as provided in Article 11.1 and in addition shall be bound by the terms set forth in the AIPN Model Form Lifting Procedure for each Delivery Point for which no lifting agreement is in place until a lifting agreement is executed by the Parties.
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Disposition of Crude Oil. If Crude Oil is to be produced pursuant to an approved Development Plan from a Development and Production Area, the Concessionaires shall in good faith, and not less than six (6) months prior to the anticipated first delivery of Crude Oil, as promptly notified by Operator, negotiate and conclude the terms of a lifting agreement to cover the offtake of Crude Oil produced under the EPCC from such area. The Government may, if necessary and practicable, also be party to the lifting agreement; If the Government is party to the lifting agreement, the principles set forth in this Article 10.2 shall be reflected in such agreement. The lifting agreement shall, to the extent consistent with the Development Plan and subject to the terms of the EPCC, make provision for: The Delivery Point as defined in the approved Development Plan, at which title and risk of loss of each Concessionaire’s Entitlement of Crude Oil shall pass to such Concessionaire; Operator’s regular periodic advice to the Concessionaires of estimates of total available Production of Crude Oil for succeeding periods, quantities of each type and/or grade of Crude Oil and each Concessionaire’s Entitlement for as far ahead as is necessary for Operator and the Concessionaires to plan lifting arrangements. Such advice shall also cover, for each type and/or grade of Crude Oil, the total available Production of Crude Oil and deliveries for the preceding period, and overlifts and underlifts; Nomination by the Concessionaires to Operator of acceptance of their shares of total available Production of Crude Oil for the succeeding period. Such nominations shall in any one period be for each Concessionaire’s entire Entitlement of available Production of Crude Oil during that period, subject to operational tolerances and agreed minimum economic cargo sizes or as the Concessionaires may otherwise agree; Timely mitigation of the effects of overlifts and underlifts and any related reallocation of Cost Petroleum and Profit Petroleum; If offshore loading or a shore terminal for vessel loading is involved, risks regarding acceptability of tankers, demurrage and (if applicable, availability of berths); Distribution to the Concessionaires of available grades, gravities and qualities of Crude Oil to ensure, to the extent Concessionaires take delivery of their Entitlements as they accrue, that each Concessionaire shall receive in each period Entitlements of grades, gravities and qualities of Crude Oil from each Development an...
Sample 1
Disposition of Crude Oil. Crude Oil to be produced from an Exploitation Area shall be taken and disposed of in accordance with the rules and procedures set out in the Contract.
Sample 1
Disposition of Crude Oil. If Crude Oil is to be produced from an Exploitation Area, the Operator shall in good faith on behalf of the Parties, and not less than three (3) months prior to the anticipated first delivery of Crude Oil, negotiate and conclude the terms of a lifting agreement to cover the offtake of Crude Oil produced under the Contract. The lifting procedure shall contain all such terms as may be agreed by the Operating Committee, consistent with the Development Plan and subject to the terms of the Contract. The Government Oil & Gas Company may, if necessary and practicable, also be party to the lifting agreement; if the Government Oil & Gas Company is a party to the lifting agreement, then the Operator shall endeavor to obtain its agreement to the principles set forth in this Article 9.2. If a lifting agreement has not been entered into by the date of first delivery of Crude Oil, the Parties shall nonetheless be obligated to take and separately dispose of such Crude Oil as provided in Article 9.1 and in addition shall be bound by the terms set forth in the Indo-Pacific’s Camar Marine Terminal Offtake (Lifting) Procedure until a lifting agreement is executed by the Parties.
Sample 1
Disposition of Crude Oil. Crude Oil to be produced from an Exploitation Area shall be taken and disposed of in accordance with an oil lifting agreement based upon such principles as are commonly used in the international petroleum industry (such principles to be agreed as part of the Development Plan in accordance with clause 6.3), such oil lifting agreement to be agreed between the Parties no later than 30 Days prior to the commencement of Production Operations.
Sample 1
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Related to Disposition of Crude Oil

  • Dispositions and Involuntary Dispositions The Issuer shall promptly (and, in any event, within three (3) Business Days) upon the receipt by any Note Party or any Subsidiary of the Net Cash Proceeds of any Disposition or Involuntary Disposition (other than, so long as no Default or Event of Default exists at the time prepayment would otherwise be required pursuant to this Section 2.07(b)(i), where such Net Cash Proceeds of Dispositions and Involuntary Dispositions do not exceed (x) prior to the Combination Closing Date, $1,000,000 and (y) on or after the Combination Closing Date, $3,000,000, in each case, in the aggregate in any fiscal year ((x) or (y), as applicable, the “De Minimis Disposition Proceeds”)) apply 100% of such Net Cash Proceeds to prepay the Notes, the accrued but unpaid interest thereon and, subject to Section 2.12 of the Intercreditor Agreement, the Call Premium, if any, payable thereon, to the extent such Net Cash Proceeds are not reinvested in Eligible Assets (x) prior to the Combination Closing Date, within 90 days of the date of such Disposition or Involuntary Disposition or (y) on or after the Combination Closing Date, (i) within twelve months following receipt of such Net Cash Proceeds or (ii) if the Issuer or any Subsidiary enters into a legally binding commitment to reinvest such Net Cash Proceeds within twelve months following receipt thereof, within the later of (A) twelve months following receipt of such Net Cash Proceeds and (B) 180 days of the date of such legally binding commitment; provided, that if at the time that any such prepayment would be required, the Issuer is also required to prepay the Lockheed Xxxxxx Senior Secured Notes (to the extent required by the NPA) with any portion of such Net Cash Proceeds, then the Issuer may apply such portion of the Net Cash Proceeds on a pro rata basis (as determined in accordance with Section 2.12 of the Intercreditor Agreement) and any Declined Proceeds pursuant to clause (iv) below, in each case, to the prepayment of such outstanding amounts, plus accrued and unpaid interest thereon, under the NPA. Notwithstanding the foregoing, the Issuer and its Subsidiaries may not exercise the reinvestment rights set forth in the preceding sentence with respect to the Net Cash Proceeds (other than the De Minimis Disposition Proceeds) in excess of $10,000,000 in the aggregate. Any prepayment pursuant to this clause (i) shall be applied as set forth in clause (iv) below.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Disposition The HSP will not, without the LHIN’s prior written consent, sell, lease or otherwise dispose of any assets purchased with Funding, the cost of which exceeded $25,000 at the time of purchase.

  • Disposition of Property Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

  • No Dispositions Except for the transfer of assets in the ordinary course of business consistent with prior practice, no party shall sell, lease, encumber or otherwise dispose of, or agree to sell, lease, encumber or otherwise dispose of, any of its assets, which are material, individually or in the aggregate, to such party.

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