Common use of Management Standards Clause in Contracts

Management Standards. Manager will act in compliance in accordance with the express provisions of this Agreement and, where this Agreement does not specifically establish a particular obligation or standard, (a) with respect to Assets subject to an Operating Agreement of which Manager or an Affiliate of Manager is the Operator as a reasonable and prudent operator and in a manner consistent with generally accepted standards for oil and gas exploration and production businesses similar to the Business conducted by Owner having Assets similar to the Assets then owned by Owner; (b) with respect to Assets subject to an operating agreement of which the Manager is not the Operator, based on information regarding such operations furnished or otherwise obtained by the Manager and to the extent reasonably practicable under the circumstances such Assets appear to the Manager to be operated in all material respects in accordance with good oilfield practices and (c) with respect to Assets or business of Owner not subject to an Operating Agreement, in a commercially reasonable manner consistent with generally acceptable standards in the oil and gas business (the “Management Standards”). The Manager shall have no obligation to advance funds for the account of Owner or to pay any sums of its own in connection with the performance of the actions which it is authorized or required to take on behalf of Owner hereunder.

Management Standards. Subject to the terms hereof, the Manager will act in compliance in accordance with the express provisions of this Agreement and, where this Agreement does not specifically establish a particular obligation or standard, (a) with respect to Assets subject to an Operating Agreement of which Manager or an Affiliate of Manager is the Operator (and if the Owner or any of its subsidiaries is designated as a reasonable and prudent operator and the Operator of any Assets Owner shall take such actions as are necessary or appropriate to cause the Manager to be designated as the Operator of same) in a manner consistent compliance with generally accepted standards for oil and gas exploration and production businesses similar the terms of such Operating Agreement as they apply to the Business conducted by Owner having Assets similar to the Assets then owned by OwnerAssets; (b) with respect to Assets subject to an operating agreement of which the Manager is not the Operator, as a Reasonably Prudent Operator consistent with generally acceptable standards for non-operated properties in the oil and gas business based on information regarding such operations furnished or otherwise obtained by the Manager and to the extent reasonably practicable under the circumstances such Assets appear to the Manager to be operated in all material respects in accordance with good oilfield practices and (c) with respect to Assets or business of the Owner not subject to an Operating Agreement, in a commercially reasonable manner consistent with generally acceptable standards in the oil and gas business (the “Management Standards”)business. The Manager shall have no obligation to advance funds for the account of the Owner or to pay any sums of its own in connection with the performance of the actions which it is authorized or required to take on behalf of the Owner hereunder.