Failure to Drill Sample Clauses

Failure to Drill. Should Laramie fail to commence the Initial Earning Well, or any Additional Earning Well within the applicable time period set forth in this Agreement, (taking into consideration Article 4), then the sole remedy of Dejour/Brownstone, and the sole liability of Laramie for such failure shall be that Laramie shall forfeit its right to drill any additional Earning Xxxxx or earn any additional acreage but shall retain any Earned Acreage or Farmout Lands previously assigned. Subject to Sections 7.1 and 14.2, Laramie shall have no liability to Dejour/Brownstone resulting from a Failure to Drill other than the loss of its right to earn additional Farmout Lands and Leases. Laramie will retain any obligations to Dejour/Brownstone that have accrued during activities undertaken under this Agreement. Upon Failure to Drill and loss of rights, all subsequent xxxxx drilled on the Earned Acreage or Farmout Lands previously assigned to Laramie shall be subject to the Operating Agreement described in Article 9, below.
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Failure to Drill. Farmee shall not be liable in damages to Farmor for failure to commence, drill, test, complete or equip Well (or any substitute well) as herein provided, but any such failure shall result in the loss to Farmee of all rights under this Agreement. The foregoing shall not be construed to restrict, preclude or limit any rights Farmor may have, in law or in equity, by virtue of Farmee's negligence or willful misconduct, or for any breach by Farmee of any other obligation under this Agreement, including, without limitation, the obligation to provide information to Farmor and to indemnify Farmor as hereinafter provided.
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Failure to Drill. Farmee shall not be liable in damages to Farmor for failure to timely commence, drill, test, complete or equip the Initial Test Wxxxx and the Subsequent Wxxxx as herein provided, but any such timely failure shall result in the loss to Farmee of all rights under this Agreement. The foregoing shall not be construed to preclude or limit any rights Farmor may have, in law or in equity, by virtue of Farmee's negligence or willful misconduct, or for any breach by Farmee of any obligation under this Agreement.
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Failure to Drill. Subject to Section 16.a. above and Section 16.c. below, in the event that Buyer fails to drill the required Yearly Obligation Xxxxx in any given calendar year, then within 30 days after the expiration of the applicable calendar year, Buyer shall pay to Seller Representative an amount equal to $142,090.00 for each Yearly Obligation Well that Buyer failed to drill in the applicable calendar year (the “Deficiency Payment”). Once Buyer remits any Deficiency Payment, Buyer shall be deemed to have met the requirements set forth in Section 16.a. above with respect to the applicable calendar year. Notwithstanding anything to the contrary contained in this Agreement, the Deficiency Payment shall be Seller’s sole and exclusive remedy with respect to any failure of Buyer to drill an Obligation Well. The Deficiency Payment shall be paid to Seller Representative in accordance with the terms and provisions of this Agreement and (a) Seller Representative shall be solely responsible for distributing such portion to each Seller, and (b) Seller Representative shall defend, indemnify and hold Buyer harmless from all losses, costs, expenses, damages, claims, causes of action and liabilities in any way related to such distributions to each Seller, REGARDLESS OF WHETHER OR NOT SUCH LOSSES, COSTS, EXPENSES, DAMAGES, CLAIMS, CAUSES OF ACTION OR LIABILITIES AROSE FROM THE SOLE, CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE OF BUYER OR ANY OTHER PARTY AND REGARDLESS OF WHO MAY BE AT FAULT OR OTHERWISE RESPONSIBLE UNDER ANY OTHER CONTRACT, STATUTE, RULE OR THEORY OF LAW, INCLUDING, BUT NOT LIMITED TO, THEORIES OF STRICT LIABILITY.
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Failure to Drill. Should Axiom fail to commence the Initial Earning Well, or any Additional Earning Well within the applicable time period set forth in this Agreement, (taking into consideration Article 4), then the sole remedy of AMOG, and the sole liability of Axiom for such failure shall be that Axiom shall forfeit its right to drill any additional Earning Wxxxx or earn any additional acreage but shall retain any Earned Acreage or Farm out Lands previously assigned. Subject to Sections 7.1 and 14.2, Axiom shall have no liability to AMOG resulting from a Failure to Drill other than the loss of its right to earn additional Farm out Lands and Leases. Axiom will retain any obligations to AMOG that have accrued during activities undertaken under this Agreement. Upon Failure to Drill and loss of rights, all subsequent wxxxx drilled on the Earned Acreage or Farm out Lands previously assigned to Axiom shall be subject to the Operating Agreement described in Article 9, below.
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Failure to Drill. In its sole discretion, Noble may elect to drill or not drill the Earning Xxxxx. If Xxxxx has not drilled 10 of the Earning Xxxxx by December 31, 2006, or if Noble has not drilled an additional 10 xxxxx by March 1, 2007 (for a total of 20 xxxxx), (i) Noble’s right to drill additional oil and gas xxxxx on the Assets shall terminate, (ii) Noble’s interest in the Assets shall be confined to the wellbores of the Earning Xxxxx already drilled on the Assets, together with a leasehold interest necessary to produce only the wellbore of the drilled Earning Well, but without the right to drill additional xxxxx on the portion of the Lease so assigned, (iii) Noble’s ownership interest in the Production Infrastructure, as set forth in Section 18.17, shall be confined to that portion of the Production Infrastructure already constructed as of the date it is determined that Noble has not drilled the Earning Xxxxx, and Xxxxx shall assign operation of the Production Infrastructure to Teton, (iv) the contract area under the JOA will be revised to include only the wellbores of the Earning Xxxxx, (v) Noble shall provide Teton copies of any and all information and data that Noble has generated in connection with the drilling of the Earning Xxxxx, and (vi) Noble shall have no further rights with respect to any information and data related in any way to the Assets. In addition, for each Earning Well not drilled on the Assets, Noble agrees to pay Teton $150,000.00 per well, such payment to be made to Teton by wire transfer of immediately available funds on or before January 15, 2007 if Noble fails to drill 10 xxxxx by December 31, 2006, or by March 15, 2007 if Noble has drilled 10 xxxxx by December 31, 2006 but has not drilled an additional 10 xxxxx by March 1, 2007.
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Failure to Drill. The only consequence of Farmee's failure to drill the Earning Wells provided for in this Agreexxxx shall be the ipso facto cancellation of this Agreement and the termination of Farmee's rights to earn additional interest. Any other cancellation of this Agreement shall not affect any rights theretofore earned by Farmee, nor relieve Farmee of any obligations or responsibilities for expenses and liabilities theretofore incurred. It is understood that Farmee shall reassign to Farmor any of the Farmout Lands not included in a spacing unit for the drilling of the Earning Wells or any Option Well(s) withxx xorty-five (45) days after the cancellation of this Agreement for failure to drill.
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Failure to Drill. Subject to Section 16.a. above and Section 16.c. below, in the event that Buyer fails to drill the required Yearly Obligation Xxxxx in any given calendar year, then within 30 days after the expiration of the applicable calendar year, Buyer shall pay to Seller Representative an amount equal to $107,910.00 for each Yearly Obligation Well that Buyer failed to drill in the applicable calendar year (the “Deficiency Payment”). Once Buyer remits any Deficiency Payment, Buyer shall be deemed to have met the requirements set forth in Section 16.a. above with respect to the applicable calendar year. Notwithstanding anything to the contrary contained in this Agreement, the Deficiency Payment shall be Seller’s sole and exclusive remedy with respect to any failure of Buyer to drill an Obligation Well.
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Related to Failure to Drill

  • Failure to Go Effective If the Registration Statement required by Section 2.01(a) is not declared effective within 90 days after the Closing Date, then each Holder shall be entitled to a payment (with respect to the Purchased Units of each such Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period, that shall accrue daily, for the first 60 days following the 90th day after the Closing Date, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period following the 60th date after such 90th day, that shall accrue daily, for each subsequent 30 days, up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Liquidated Damages”); provided, however, that the aggregate amount of Liquidated Damages payable by the Partnership per Purchased Unit may not exceed 5.0% of the Common Unit Price. The Liquidated Damages payable pursuant to the immediately preceding sentence shall be payable within ten (10) Business Days after the end of each such 30-day period. Any Liquidated Damages shall be paid to each Holder in immediately available funds; provided, however, if the Partnership certifies that it is unable to pay Liquidated Damages in cash because such payment would result in a breach under a credit facility or other debt instrument, then the Partnership may pay the Liquidated Damages in kind in the form of the issuance of additional Common Units. Upon any issuance of Common Units as Liquidated Damages, the Partnership shall promptly (i) prepare and file an amendment to the Registration Statement prior to its effectiveness adding such Common Units to such Registration Statement as additional Registrable Securities and (ii) prepare and file a supplemental listing application with the NYSE to list such additional Common Units. The determination of the number of Common Units to be issued as Liquidated Damages shall be equal to the amount of Liquidated Damages divided by the volume-weighted average closing price of the Common Units on the NYSE for the ten (10) trading days immediately preceding the date on which the Liquidated Damages payment is due, less a discount to such average closing price of 2.00%. The payment of Liquidated Damages to a Holder shall cease at the earlier of (i) the Registration Statement becoming effective or (ii) the Purchased Units of such Holder becoming eligible for resale without restriction under any section of Rule 144 (or any similar provision then in effect) under the Securities Act, assuming that each Holder is not an Affiliate of the Partnership, and any payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. If the Partnership is unable to cause a Registration Statement to go effective within 180 days after the Closing Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the Partnership may request a waiver of the Liquidated Damages, and each Holder may individually grant or withhold its consent to such request in its discretion. The foregoing Liquidated Damages shall be the sole and exclusive remedy of the Holders for any failure of the Registration Statement to be declared effective.

  • Failure to Deliver Applicable

  • Failure to Fund Unless the Administrative Agent shall have received prior notice from a Lender (by telephone or otherwise, such notice to be promptly confirmed by facsimile or other writing) that such Lender will not make available to the Administrative Agent such Lender’s Commitment Percentage of the Revolving Credit Loans requested by the Borrower, the Administrative Agent may assume that such Lender has made the same available to the Administrative Agent on the Borrowing Date in accordance with this Section, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on the Borrowing Date a corresponding amount. If and to the extent such Lender shall not have so made its Commitment Percentage of such Revolving Credit Loans available to the Administrative Agent (in which event such Lender shall be deemed to be a Defaulting Lender (after giving effect to any applicable grace period contained in such defined term)), such Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount (to the extent not previously paid by the other), together with interest thereon for each day from the date such amount is made available to the Borrower to the date such amount is paid to the Administrative Agent, at a rate per annum equal to, in the case of the Borrower, the applicable interest rate payable by the Borrower in respect of such Loans as set forth in Section 3.1, and, in the case of such Lender, at a rate of interest per annum equal to the Federal Funds Rate for the first three days after the due date of such payment and the Federal Funds Rate plus 2% thereafter until the date such payment is received by the Administrative Agent. Such payment by the Borrower, however, shall be without prejudice to its rights against such Lender. If such Lender shall pay to the Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Revolving Credit Loan as part of the Revolving Credit Loans for purposes of this Agreement, which Loan shall be deemed to have been made by such Lender on the Borrowing Date applicable to such Revolving Credit Loans.

  • Failure to Defend If the Indemnifying Party, within a reasonable time after notice of any such Claim, fails to defend such Claim actively and in good faith, the Indemnified Party will (upon further notice) have the right to undertake the defense, compromise or settlement of such Claim or consent to the entry of a judgment with respect to such Claim, on behalf of and for the account and risk of the Indemnifying Party, and the Indemnifying Party shall thereafter have no right to challenge the Indemnified Party's defense, compromise, settlement or consent to judgment.

  • Failure to Elect If no election as to the Class of a Syndicated Borrowing is specified, then the requested Syndicated Borrowing shall be deemed to be under the Multicurrency Commitments. If no election as to the Currency of a Syndicated Borrowing is specified, then the requested Syndicated Borrowing shall be denominated in Dollars. If no election as to the Type of a Syndicated Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed Foreign Currency has been specified, the requested Syndicated Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in Dollars having an Interest Period of one month’s duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  • Failure to Respond If you fail to respond by the date given above, your application will be refused under Section 3A(4)(a) of the Registered Designs Act 1949.

  • Failure to Notify If Contractor fails to specify in writing any problem or circumstance that materially affects the costs of its delivery of services or products, including a material breach by the Department, about which Contractor knew or reasonably should have known with respect to the period during the term covered by Contractor's status report, Contractor shall not be entitled to rely upon such problem or circumstance as a purported justification for an increase in the price for the agreed upon scope.

  • Failure to Make Payment In the event a participating Authorized User fails to make payment to the Contractor for Products delivered, accepted and properly invoiced, within thirty calendar days of such delivery and acceptance, the Contractor may, upon five business days advance written notice to both the Commissioner and the Authorized User’s purchasing official, suspend additional shipments of Product or provision of services to such entity until such time as reasonable arrangements have been made and assurances given by such entity for current and future Contract payments.

  • Failure to Supply If IPC is unable (or anticipates an inability) to manufacture or deliver all or a portion of a Product to Tris as required by a confirmed or accepted Purchase Order pursuant to Section 3.3 of this Agreement, IPC shall promptly notify Tris in writing of the period for which such inability (or anticipated inability) to so manufacture or deliver is expected (an “Anticipated Inability to Deliver”). For avoidance of doubt, so long as IPC uses Commercially Reasonable Efforts and the anticipated inability is a force majeure event, IPC shall not be in breach of the Purchase Order(s) affected nor this Agreement, however, regardless of whether or not IPC has breached a Purchase Order or this Agreement it shall still be liable for Cover and the other obligations set forth in this Section 3.10. In the event IPC is unable to meet Tris’s Purchase Orders or IPC issues a notice of an Anticipated Inability to Deliver, IPC’s obligation to supply shall continue but Tris’ obligation to purchase the Product that IPC is unable to timely supply in accordance with Section 3.3 above shall be suspended and Tris, without relieving IPC of its obligations under Section 3.3, may mitigate its damages by purchasing from another Person the quantity of substitute product that it requires beyond what IPC is able to deliver. Tris shall use Commercially Reasonable Efforts to obtain such substitute product at a reasonable price and communicate same to IPC in writing. Tris shall be entitled to deduct the difference in cost paid by Tris for such substitute product over the cost of the Product (“Cover”), if any, from any amounts otherwise payable to IPC hereunder, and, to the extent not so offset, IPC shall reimburse Tris for such Cover , within thirty (30) days of receipt of invoice from Tris. IPC will not be entitled to any share of positive Net Profits for sale of substitute product not sourced by Tris from IPC hereunder (provided IPC shall continue to fund its share of negative Net Profits), except to the extent IPC has fully reimbursed Tris for the Cover expense with respect to such product. If at any time thereafter during the Term, IPC is able to timely deliver Product in satisfaction of Tris’ Purchase Orders, IPC shall so notify Tris in writing and, subject to Tris’ contractual commitments to third parties, Tris shall undertake commercially reasonable efforts to limit such contractual commitment in order not to exceed IPC’s volume and period it is unable to supply, Tris will resume purchasing the Product from IPC. If IPC’s inability to timely deliver to Tris the quantity of the Product described in this Section 3.3 continues for a period beyond three (3) months, Tris may terminate this Agreement upon thirty (30) days’ notice in writing to IPC. IPC shall reimburse Tris for any failure to supply and late supply penalties and/or damages charged to Tris for late supply or non-supply caused by IPC’s failure to timely supply Product pursuant to Purchase Orders delivered to IPC in accordance with this Agreement. For clarity and audit purposes, such failure to supply penalties shall be supported by appropriate invoices detailing the failure to supply penalties issued by the affected customers and wholesallers of Tris. IPC shall reimburse Tris for such penalties and damages, within ten (10) days of receipt of invoice for same from Tris, provided that if such invoice is not timely paid, Tris may at its option offset such amounts owed against other amounts payable by Tris to IPC.

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