Obligation Wellx Sample Clauses

Obligation Wellx. Eight (8) Major Operations to evaluate the Farmout Area under the Geological and Well Informational Requirements attached hereto. Subject to Section 4.2, said eight (8) Major Operations shall consist of the following:
Sample 1
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Obligation Wellx. Farmoutee hereby obligates itself to (i) diligently perform (within a period of one (1) year after the Effective Date, in a workxxx xxxe manner as a reasonably prudent operator and whether through successful completion of an Obligation Well hooked-up for production in paying quantities or by termination of Farmoutee's diligent, but unsuccessful, attempt to complete an Obligation Well through hook-up for production in paying quantities) all eight (8) of the Major Operations set forth in the definition of the Obligation Wellx xxxject to the further requirements of this Section 4.2.
Sample 1
Obligation Wellx. Xxe Farmout Agreement sets forth eight (8) Major Operations to be conducted on Obligation Wellx. Xxe parties have agreed to timely perform such Major Operations in such a manner as to cause the parties hereto to earn interests under such Farmout Agreement. EPL, as Operator, shall propose an AFE for each such Major Operation to HRL and Farmoutor according to the terms of the Farmout Agreement. HRL shall have the same time periods provided for Farmoutor in the Farmout Agreement to approve such AFE. Should Farmoutor approve such AFE and HRL disapprove, EPL shall notify HRL and HRL shall have three days to reconsider such AFE as approved by Farmoutor. Should HRL not approve such AFE as approved by Farmoutor (provided such operations are conducted), HRL shall be deemed to have relinquished its rights to earn any additional interest under the terms of the Farmout Agreement. Should HRL and Farmoutor both disapprove of such AFE, EPL shall, within ten days thereafter, resubmit a revised AFE to HRL and Farmoutor incorporating revisions reasonably reflecting any comments of Farmoutor to the first AFE. Should HRL not approve such revised AFE (provided such operations are conducted), HRL shall be deemed to have relinquished its rights to earn any additional interest under the terms of the Farmout Agreement. In such event, at its sole option, EPL may demand that, at no additional cost, that HRL convey in favor of EPL all of their rights in the Farmout Agreement, reserving those rights or interests they have already earned in operations or wellx xxxpleted before disapproval or operations being performed at the time of disapproval; however, the exercise of this option shall in no way relieve HRL from liability for damages, including liquidated damages, if any, as provided in the Farmout Agreement. In the event that EPL should elect to decline to participate in the drilling of one of the Major Operations to be conducted on the eight Obligation Wellx, XXL shall be deemed to have relinquished its right to earn any additional interest under the terms of the Farmout Agreement. In such event, at its sole option, HRL may demand that, at no additional cost, that EPL convey in favor of HRL all of its rights in the Farmout Agreement, reserving those rights or interests it has already earned in operations or wellx completed before the disapproval or operations being performed at the time of disapproval; however, the exercise of this option shall in no way relieve EPL from liability ...
Sample 1
Obligation Wellx 
Sample 1

Related to Obligation Wellx

  • Valid Obligation Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

  • Unfunded Obligation The obligations under this Agreement shall be unfunded. Benefits payable under this Agreement shall be paid from the general assets of the Company. The Company shall have no obligation to establish any fund or to set aside any assets to provide benefits under this Agreement.

  • Valid Obligations The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary corporate action and each represents a legal, valid and binding obligation of Borrower and is fully enforceable according to its terms, except as limited by laws relating to the enforcement of creditors' rights.

  • Agreement to Assume Obligations The New Issuer hereby agrees to unconditionally assume the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XIV of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of the Issuer under the Indenture.

  • Joint Obligation If there be more than one Tenant, the obligations hereunder imposed shall be joint and several.

  • One Obligation The Loans, LC Obligations and other Obligations shall constitute one general obligation of Borrowers and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

  • ERISA Obligations All Employee Plans of the Borrower meet the minimum funding standards of Section 302 of ERISA and 412 of the Internal Revenue Code where applicable, and each such Employee Plan that is intended to be qualified within the meaning of Section 401 of the Internal Revenue Code of 1986 is qualified. No withdrawal liability has been incurred under any such Employee Plans and no “Reportable Event” or “Prohibited Transaction” (as such terms are defined in ERISA), has occurred with respect to any such Employee Plans, unless approved by the appropriate governmental agencies. The Borrower has promptly paid and discharged all obligations and liabilities arising under the Employee Retirement Income Security Act of 1974 (“ERISA”) of a character which if unpaid or unperformed might result in the imposition of a Lien against any of its properties or assets.

  • Obligations Not Assumed Notwithstanding any provision contained in this Agreement or any other Transaction Document to the contrary, the foregoing sale, assignment, transfer and conveyance set forth in Section 2.01(b) does not constitute, and is not intended to result in, the creation or an assumption by the Administrative Agent, any Group Agent or any Purchaser of any obligation or liability of the Seller, any Originator, the Servicer, or any other Person under or in connection with all, or any portion of, any Sold Assets, all of which shall remain the obligations and liabilities of the Seller, the Originators, the Servicer and such other Persons, as applicable.

  • Repair Obligation If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any improvements, alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Project, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 15, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).

  • Unfunded Obligations The grant of the Performance Share Units and any provision for distribution in settlement of Employee’s Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any, specific assets of the Company, nor result in the creation of any trust or escrow account for Employee. With respect to Employee’s entitlement to any distribution hereunder, Employee shall be a general creditor of the Company.

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