Operating Services Agreement Clause Samples
An Operating Services Agreement is a contract that outlines the terms under which one party provides operational services to another, typically in the context of managing or running a business, facility, or specific operations. This agreement details the scope of services, performance standards, payment terms, and responsibilities of each party, often including provisions for reporting, compliance, and dispute resolution. Its core function is to clearly define the expectations and obligations of both parties, thereby minimizing misunderstandings and ensuring smooth, efficient operation of the services provided.
Operating Services Agreement. 2.5.1 On the Signing Date, Sellers shall procure that BPZ E&P and Newco execute and deliver the OSA.
2.5.2 On the Completion Date, Sellers shall procure that BPZ E&P, and the Buyer shall procure that Newco, shall ratify the OSA.
Operating Services Agreement. Concurrently with the execution of this Agreement, the Company will execute, deliver and be bound by the terms and conditions of the Operating Services Agreement, pursuant to which the Company will engage the Operator to manage and administer the day-to-day business and affairs of the Company as provided in the Operating Services Agreement. The Members hereby acknowledge and agree that pursuant to the Operating Services Agreement the Operator shall be authorized, empowered and directed to take any and all actions required or permitted to be taken by the Operator by the terms of the Operating Services Agreement, including actions taken for and on behalf of the Company, without the requirement of any additional authorization or approval, except to the extent required under the terms of this Agreement. Notwithstanding Section 6.6(a) and Section 6.6(b), the Members hereby acknowledge and agree that the Operator shall be authorized, empowered and directed to take any and all actions required or permitted by the terms of the then-effective Approved Budget, including actions taken for and on behalf of the Company, without the requirement of any additional authorization or approval; provided that Operator is authorized, empowered and directed to take any action set forth in such then-effective Approved Budget that is subject to Fundamental Consent pursuant to Section 6.6(b) only if such action is so approved pursuant to Section 6.6(b). For the avoidance of doubt, in no case may the Operator take any action requiring Fundamental Consent hereunder unless the Management Committee approves such action with Fundamental Consent in accordance with Section 6.6(b).
Operating Services Agreement. At the Closing, each of the Buyer and the Company shall execute the Operating Services Agreement in the form attached hereto as Exhibit I (the “Operating Services Agreement”).
Operating Services Agreement. If and only if LV, any Holder or any affiliate of LV or the Holders acquires the Neodesha Collateral at the Foreclosure Sale (the "Laurus-Valens Acquiring Party"), the Laurus-Valens Acquiring Party and Petrol intend to enter into an operating/servicing agreement pursuant to which Petrol shall continue to operate such properties on behalf of the Laurus-Valens Acquiring