Limitation on Well Proposals Sample Clauses

Limitation on Well Proposals. BOG and Aspect hereby agree that, until December 31, 1999, and notwithstanding any provision of any JOA to the contrary, Aspect shall not be authorized to propose the drilling of any Initial Well or Subsequent Well, except for the Initial Well to be drilled on the Prospect Area described in Part One of Exhibit A hereto (the "Dickson Prospect").
Sample 1
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Limitation on Well Proposals. Anything to the contrary contained herein notwithstanding, the Parties agree that, without mutual agreement of the Parties otherwise, during any forty-five day period hereunder no more than one deep well may be proposed to be drilled to a subsurface depth in excess of 10,000 feet ("Deep Wellx") xithin lands that are within the AMI and which are the subject of jointly owned Leases and/or Farm-Ins unless the drilling of additional Deep Wellx xxxhin lands that are the subject of such jointly owned Leases and/or Farm-Ins is necessary in order to avoid losing rights or interests under a Lease or Farm-In without incurring additional costs to extend or renew such Lease or Farm-In. Therefore, without the mutual agreement of the Parties or a situation in which more drilling is necessary to avoid losing rights or interests in a Lease or Farm-In as aforesaid, during any three hundred sixty day period hereunder no more than eight Deep Wellx xxx be proposed to be drilled by the Parties on jointly owned Leases and/or Farm-Ins within the AMI. In addition, anything to the contrary contained herein notwithstanding, the Parties agree that, without mutual agreement of the Parties otherwise, during any forty-five day period hereunder no more than three wellx xxx be proposed to be drilled to total depths of less than 10,000 feet ("Shallow Wellx") xithin lands that are within the AMI and which are the subject of jointly owned Leases and/or Farm-Ins unless the drilling of additional Shallow Wellx xxxhin lands that are the subject of such jointly owned Leases and/or Farm-Ins is necessary in order to avoid losing rights or interests under a Lease or Farm-In without incurring additional costs to extend or renew such Lease or Farm-In. Anything to the contrary contained above notwithstanding, in the event that a drilling proposal is subsequently withdrawn by the proposing Party or a proposed well cannot be drilled within the required time period set forth in the Operating Agreement, the Parties agree that for purposes of this Section 6.8, such proposal shall not be counted for purposes of calculating the drilling proposal limitations that are contained in this Section 6.8. In addition, anything to the contrary contained above notwithstanding, in the event that only one Party hereto owns interests in the Leases and/or Farm-Ins which are to be included within the Drilling/Proration Unit for a well (whether as the result of non-participation elections in Acquired Interests, well proposa...
Sample 1

Related to Limitation on Well Proposals

  • Limitation on Investments and New Businesses No Restricted Person will (a) make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business and as described below in this Section 7.7 and in Section 7.11, (b) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations as presently conducted, or (c) make any acquisitions of or capital contributions to or other Investments in any Person or property, other than Permitted Investments.

  • Limitation on Capital Expenditures Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any expenditure in respect of the purchase or other acquisition of fixed or capital assets (excluding any such asset acquired in connection with normal replacement and maintenance programs properly charged to current operations) except for:

  • LIMITATION ON ACTIVITIES Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.

  • Limitation on Competition In consideration of the Company’s entering into this Agreement, the Executive agrees that during the Covenant Period, the Executive will not, without the prior written consent of the Company, anywhere within the Restricted Territory, either directly or indirectly, alone or in conjunction with any other party, accept, enter into or take any action in conjunction with or in furtherance of a Competitive Position (other than action to reject an unsolicited offer of a Competitive Position).

  • Limitation on Release The foregoing provision with respect to the release to the Servicer of the Required Loan Documents and documents by the Collateral Custodian upon request by the Servicer shall be operative only to the extent that the Administrative Agent has consented to such release. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Servicer shall provide notice of the same to the Administrative Agent. Any additional Required Loan Documents or documents requested to be released by the Servicer may be released only upon written authorization of the Administrative Agent. The limitations of this paragraph shall not apply to the release of Required Loan Documents to the Servicer pursuant to the immediately succeeding subsection.

  • Limitation on Layering The Company shall not Incur any Indebtedness if such Indebtedness is subordinate or junior in ranking in any respect to any Senior Indebtedness unless such Indebtedness is Senior Subordinated Indebtedness or is contractually subordinated in right of payment to Senior Subordinated Indebtedness. No Subsidiary Guarantor shall Incur any Indebtedness if such Indebtedness is contractually subordinate or junior in ranking in any respect to any Guarantor Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness is Guarantor Senior Subordinated Indebtedness of such Subsidiary Guarantor or is contractually subordinated in right of payment to Guarantor Senior Subordinated Indebtedness of such Subsidiary Guarantor.

  • Limitation on Restricted Actions The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Credit Party on its Equity Interest or with respect to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit Party, (d) sell, lease or transfer any of its properties or assets to any Credit Party, or (e) act as a Guarantor and pledge its assets pursuant to the Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c); provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, or (iv) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien.

  • Limitation on Changes in Fiscal Periods Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower's method of determining fiscal quarters.

  • Limitation on Hedging The Borrower shall not, nor shall it permit any of its Subsidiaries to:

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