Obligation Xxxxx Sample Clauses

Obligation Xxxxx. Participant agrees to pay for its Participant Interest share of the drilling, completion and equipping, or the plugging and abandonment, of the Obligation Xxxxx. PetroShare shall use its commercially reasonable efforts to commence the drilling of the first Obligation Well by October 15. 2013.
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Obligation Xxxxx. The xxxxx will be drilled from a common well pad and will be the Xxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X, a vertical well bore and the Xxxxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X; directional well bore to test the Niobrara formation.
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Obligation Xxxxx. A complete and accurate description of all drilling obligations and other material development obligations (and the penalties for the breach thereof) affecting the Subject Interests is set forth in Exhibit A.
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Obligation Xxxxx. Within ten (10) days of its receipt of the drilling notice for the first Obligation Well and the A.F.E.s for all four (4) Obligation Xxxxx, Stratex shall pay to Eagle Stratex’s Before First Sales Cost Interest share of the estimated Drilling Costs set forth on the A.F.E.s for all four (4)
Sample 1
Obligation Xxxxx. If Stratex fails to pay, in a timely manner as provided in this Section 2.01, its Before First Sales Cost Interest share of the estimated Drilling Costs for all four (4) Obligation Xxxxx, Stratex shall forfeit all right to participate in the development of the Gunsmoke Prospect, and this JDA shall terminate. If Stratex pays in full its Before First Sales Cost Interest share of the estimated Drilling Costs of the four (4) Obligation Xxxxx in a timely manner as provided in this Section 2.01, Eagle shall commence the actual drilling of the second Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the first Obligation Well. Similarly, Eagle shall commence the actual drilling of the third Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the second Obligation Well, and shall commence the actual drilling of the final Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the third Obligation Well.
Sample 1
Obligation Xxxxx. The xxxxx will be drilled from a common well pad on Exhibit A leases, and will be the Xxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X, a vertical well bore and the Xxxxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X; directional well bore to test the Niobrara formation at approximately, 7855 feet TVD. Upon reaching total depth in the first Obligation Well and upon the completion of mud logging and open hole logging operations, PetroShare will provide such data to all JOA working interest participants along with its well evaluation report. Participant(s) shall have forty eight (48) hours from the receipt of the data to make its election whether to proceed with the drilling of the second Obligation Well. In the event a simple majority of JOA participants elect not to proceed with the drilling of the second Obligation Well, PetroShare shall release the rig and waive the requirement to drill the second Obligation Well.
Sample 1
Obligation Xxxxx. For the purposes of this clause, an obligation well is a well which is required to be commenced and drilled on the Lands under the terms of the Permits or under the terms of any regulations or statutes applicable thereto and that failure to commence and drill the same will result in forfeiture of all or a portion of the Lands. (a) If a notice of the obligation is given, the party who receives notice of the obligation shall notify the other party hereto of the accrual of an obligation to commence the drilling of an obligation well immediately upon receipt by it of notice or information that such well is required to be commenced. If the parties hereto, within thirty (30) days of both parties having such notice, do not elect to drill such obligation well as a joint account well or either of them do not elect to drill such obligation well pursuant to the provisions of subclause I hereof, the Operator shall forthwith: (i) Attempt to secure release ofthe obligation bythe party to whom the obligation is owed; or (ii) Attempt by settlement or compromise to make other reasonable arrangements in lieu of drilling the obligation well with the party to whom the obligation is owed; or (iii) Attempt to have the obligation performed by an outside party without privity to this Operating Procedure upon terms agreeable to the parties hereto. (b) If none of the foregoing alternatives can be agreed upon and put into effect within thirty (30) days of the expiration of the aforesaid thirty (30) day period, and one of the parties hereto desires to drill, the party desiring to drill the said well (hereinafter called the "drilling party") may proceed to do so at its sole cost, risk and expense provided it commences the drilling of such well at least thirty-one (31) days prior to the date upon which the well must be drilled to satisfy the obligation, and continues with due diligence to complete the drilling thereof. Any such well shall conform to the then existing well spacing program. On completion or abandonment of any such well, the party which did not participate in the drilling thereof, shall assign or transfer to the drilling party all of its interest in and to that portion of the Lands which, under the terms of the Permit in question or the applicable regulations or statutes, as the case may be, would have been surrendered or forfeited if such obligation well had not been drilled. In the event the period of time between the date that both parties have notice of the requiremen...
Sample 1
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Obligation Xxxxx. Each of the Leases contains a provision obligating Lessee to drill certain xxxxx during the primary terms of said Leases as more fully set forth in the Leases. Lessor agrees to waive any obligation for Lessee to drill any xxxxx which have not been drilled to date under the express drilling obligation provisions of either of the Leases, and in lieu and exchange for such waiver, Lessee agrees to drill a minimum of two (2) test xxxxx on the Lands covered by either of the Leases prior to the expiration of the Extended Primary Term, each of which must be at least a Xxxxxx test well (the “Obligation Xxxxx”). For the purposes of this provision, the term “drill” shall mean that a well has been drilled to a depth sufficient to test the Xxxxxx formation and has either been completed as a producer of oil and/or gas, or has been plugged and abandoned. The drilling of the Obligation Xxxxx shall satisfy any and all of Lessee’s expressed and/or implied covenants or duties, if any, to Lessor under either of the Leases with respect to the drilling of xxxxx during the Extended Primary Term.
Sample 1
Obligation Xxxxx. As additional consideration for the Assets, in addition to payment of the Purchase Price, Buyer, at its sole expense, as Operator, will Drill and Complete (as those terms are later defined) three (3) new xxxxx (the “Obligation Xxxxx”). As used herein the term “Drill,” “Drilled,” or “Drilling” shall mean all activity and operations necessary to drill an Obligation Well to its final total length and/or depth and including any title examination, permitting, surveying, site preparation, casing, cementing, testing, data processing, logging, coring, or other work or operations necessary or incident to preparing the Obligation Well for completion operations, or if a dry hole, through the plugging and abandonment of the Obligation Well and abandonment of its surface location, unless Buyer intends to use the surface location in connection with the drilling of another well.
Sample 1

Related to Obligation Xxxxx

  • Obligations Guaranteed Subject to the provisions of this Article 2, the Guarantor hereby unconditionally guarantees (a) to each Holder of a Security authenticated and delivered by the Trustee or Authenticating Agent, (i) the full and prompt payment of the principal of, and premium, if any, and interest on, and any Redemption Price with respect to, such Security, when, where and as the same shall become due and payable, whether at the stated maturity thereof, by acceleration, call for redemption or otherwise in accordance with the terms of such Security and the Indenture and (ii) the full and prompt payment of interest on the overdue principal and interest, if any, on such Security, at the rate specified in such Security and to the extent lawful and (b) to the Trustee the full and prompt payment upon written demand therefor of all amounts due to it in accordance with the terms of the Indenture (collectively the “Guaranteed Obligation”). If for any reason the Company shall fail punctually to pay any such Guaranteed Obligation, the Guarantor hereby agrees to cause any such Guaranteed Obligation to be made punctually when, where and as the same shall become due and payable, whether at the stated maturity thereof, by acceleration, call for redemption or otherwise. All payments by the Guarantor hereunder shall be paid in lawful money of the United States of America. This Guarantee is unsecured and ranks equally in right of payment with all of the Guarantor’s existing and future senior indebtedness.

  • Local Church’s Payment Obligations At Closing or otherwise prior to or on the Disaffiliation Date, Local Church shall pay to the Annual Conference, in a manner specified by Annual Conference, the following: (a) Local Church shall have the right to retain its Real Property and Personal Property, tangible and intangible property without charge. Any costs relating to Local Church’s retention of its property will be borne by Local Church. (b) Any unpaid apportionments for the twelve (12) months immediately prior to the Disaffiliation Date, as calculated by Annual Conference, totaling Fifteen Thousand Two Hundred Twenty and 00/100 Dollars ($15,220.00) (for clarity, any amounts paid within the twelve (12) month period set out above shall be credited to the Local Church at Closing); (c) An additional twelve (12) months of apportionments, as calculated by Annual Conference, totaling Fifteen Thousand Two Hundred Twenty and 00/100 Dollars ($15,220.00); (d) An amount equal to Local Church’s pro rata share, as determined by Annual Conference, of Annual Conference’s unfunded pension obligations, based on the Annual Conference’s aggregate funding obligations as determined by the General Board of Pension and Health Benefits using market factors similar to a commercial annuity provider, totaling Thirty- Seven Thousand Nine Hundred Sixty-Seven and 00/100 Dollars ($37,967.00); (e) If any clergy currently appointed to the Local Church will remain in The United Methodist Church after the Local Church disaffiliation, an amount equal to six (6) months salary, housing (if receiving a housing allowance), and pension/health benefits for the clergy, being Thirty-Eight Thousand One Hundred Eighty-Five and 00/100 Dollars ($38,185.00). The intent of this provision is to provide salary and benefits to the clergy from January 1, 2024 through July 1, 2024, which is a period of time in which the clergy will not have an appointment to a church. (f) Any unpaid loans (secured or unsecured) owed to the Annual Conference or other United Methodist entities such as The United Methodist Foundation of Western North Carolina (unless those loans are assigned or transferred per Section 3.2 below), and any investment portfolio needs which require modifications or assignments; (g) The aggregate amount of any and all grants awarded and paid to Local Church by Annual Conference or any affiliate or subsidiary thereof within the prior ten (10) years; and, (h) All costs of the transfer of any assets involved hereunder and transactions set out herein, as well as the legal fees of the Annual Conference incurred in connection with this Agreement.

  • TRANSNET’S OBLIGATIONS 8.1 Transnet undertakes to promptly comply with any reasonable request by the Supplier/Service Provider for information, including information concerning Transnet's operations and activities, that relates to the Goods/Services as may be necessary for the Supplier/Service Provider to provide the Goods/Services, but for no other purpose. However, Transnet's compliance with any request for information is subject to any internal security rules and requirements and subject to the observance by the Supplier/Service Provider of its confidentiality obligations under this Agreement. 8.2 The Supplier/Service Provider shall give Transnet reasonable notice of any information it requires. 8.3 Transnet agrees to provide the Supplier/Service Provider or its Personnel such access to and use of its facilities as is necessary to allow the Supplier/Service Provider to perform its obligations under this Agreement.

  • MAXIMUM OBLIGATION A. The Total Maximum Obligation of County for services provided in accordance with this Contract, and the separate Maximum Obligations for each period under this Contract, are as specified in the Referenced Contract Provisions of this Contract, except as allowed for in Subparagraph B. below. B. Administrator may amend the Maximum Obligation by an amount not to exceed ten percent (10%) of Period One funding for this Contract.

  • Obligations to the Company During his Employment, the Executive (i) shall devote his full business efforts and time to the Company, (ii) shall not engage in any other employment, consulting or other business activity that would create a conflict of interest with the Company, (iii) shall not assist any person or entity in competing with the Company or in preparing to compete with the Company and (iv) shall comply with the Company’s policies and rules, as they may be in effect from time to time.

  • The Companys Payment Obligation The Company’s obligation to make the payments and the arrangements provided for herein will be absolute and unconditional, and will not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or anyone else. All amounts payable by the Company hereunder will be paid without notice or demand. Each and every payment made hereunder by the Company will be final, and the Company will not seek to recover all or any part of such payment from the Executive or from whomsoever may be entitled thereto, for any reasons whatsoever. The Executive will not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and the obtaining of any such other employment will in no event effect any reduction of the Company’s obligations to make the payments and arrangements required to be made under this Agreement, except to the extent provided in Sections 3.3(e) and (f) herein. Notwithstanding anything in this Agreement to the contrary, if Severance Benefits are paid under this Agreement, no severance benefits under any program of the Company, other than benefits described in this Agreement, will be paid to the Executive.

  • 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.

  • Conditions to Xxxxx’x Obligations The obligations of Xxxxx hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Xxxxx of a due diligence review satisfactory to Xxxxx in its reasonable judgment, and to the continuing satisfaction (or waiver by Xxxxx in its sole discretion) of the following additional conditions:

  • Obligations Absolute The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or (v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary. The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

  • Release on Payment in Full Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of the Note and this Agreement, release the Lien of the Pledge Agreement on the Collateral.

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