Midstream Contracts Clause Samples
A Midstream Contracts clause defines the terms and conditions governing agreements related to the transportation, storage, and processing of oil, gas, or other commodities between the production site and the end user or market. This clause typically outlines the responsibilities of each party, the quality and quantity specifications for the commodities, and the procedures for delivery and payment. By clearly establishing the framework for these midstream activities, the clause helps ensure smooth operations, allocates risk, and minimizes disputes between parties involved in the supply chain.
Midstream Contracts. The Company and each Guarantor shall not, directly or indirectly;
(a) amend, supplement or otherwise modify any material term or condition (pursuant to a waiver granted by or to such Person or otherwise) or fail to enforce strictly the terms and conditions of the indemnities and rights furnished to the Company or any Guarantor pursuant to the Midstream Contracts, in each case, such that after giving effect thereto such terms, conditions, indemnities and rights shall be materially less favorable to the interests of the Loan Parties or the Lenders with respect thereto; or
(b) otherwise amend, supplement or otherwise modify or fail to enforce the terms and conditions of the Midstream Contracts except to the extent that any such amendment, supplement or modification or failure to enforce could not reasonably expected to have a Material Adverse Effect.
Midstream Contracts. As of the Effective Date, the Company’s and the Guarantors’ marketing, gathering, transportation, processing and treating facilities and equipment, together with the Midstream Contracts, and any other marketing, gathering, transportation, processing and treating contracts in effect among, inter alia, the Company, any Guarantor and any other Person, are, except as set forth on Schedule 6.24, sufficient to market, gather, transport, process or treat, as applicable, reasonably anticipated volumes of production of Oil and Gas from the Company’s and the Guarantors’ Oil and Gas Properties. Any such contracts with Affiliates are disclosed on Schedule 6.24 hereto.
Midstream Contracts. As of the date hereof, the Borrowers' marketing, gathering, transportation, processing and treating facilities and equipment, together with the Midstream Contracts, and any other marketing, gathering, transportation, processing and treating contracts in effect among, inter alia, the Borrowers and any other Person, are, except as set forth on Schedule 5.18, sufficient to market, gather, transport, process or treat, as applicable, reasonably anticipated volumes of production of Oil and Gas from the Borrowers' Oil and Gas Properties. Any such contracts with Affiliates are disclosed on Schedule 5.18 hereto.
Midstream Contracts. As of the Restatement Effective Time, the Company's and the Guarantors' marketing, gathering, transportation, processing and treating facilities and equipment, together with the Midstream Contracts, and any other marketing, gathering, transportation, processing and treating contracts in effect among, inter alia, the Company, any Guarantor and any other Person, are, except as set forth on Schedule 6.24, sufficient to market, gather, transport, process or treat, as applicable, reasonably anticipated volumes of production of Oil and Gas from the Company's and the Guarantors' Oil and Gas Properties. Any such contracts with Affiliates as of the Restatement Effective Time are disclosed on Schedule 6.24 hereto.
Midstream Contracts. Purchaser and Seller shall execute and deliver, or cause their respective Affiliates to execute and deliver the GPA, in the form of Exhibit K attached hereto, on the Closing Date.
Midstream Contracts. Buyer and Seller shall execute and deliver, or cause their respective Affiliates to execute and deliver, the following midstream agreements (the “Midstream Contracts”):
(a) a Crude Oil Purchase and Sale Agreement in substantially the form of Exhibit “L” (the “Crude Oil Purchase Agreement”), to be executed and delivered on the Closing Date;
(b) a Natural Gas and NGL Purchase and Sale Agreement in substantially the form of Exhibit “M” (the “Natural Gas and NGL Purchase Agreement”), to be executed and delivered on the Closing Date;
(c) a Gas Processing Agreement in substantially the form of Exhibit “N” (the “Gas Processing Agreement”), to be executed and delivered on the Closing Date; and
(d) a Ratification of Sub-Allocation Agreement Letter in substantially the form of Exhibit “R” (the “Ratification of Sub-Allocation Agreement Letter”), to be executed and delivered contemporaneously with the execution of the Production Handling Agreement.
Midstream Contracts. The Credit Parties shall use commercially reasonable efforts to cause the Bankruptcy Court to enter a Final Order approving the rejection of the Midstream Contracts pursuant to section 365 of the Bankruptcy Code no later than sixty (60) days after the Petition Date.