Operations after Execution Date Clause Samples
The 'Operations after Execution Date' clause defines the responsibilities and procedures that parties must follow once a contract has been signed. Typically, this clause outlines the steps required to commence, continue, or transition operations, such as transferring assets, providing access, or initiating services, after the execution date. Its core function is to ensure a smooth and coordinated implementation of the agreement by clarifying what actions are expected from each party immediately following contract execution.
Operations after Execution Date. Panther agrees, from and after the date hereof until the Closing, except as expressly contemplated by this Agreement, as set forth on Schedule 13.01, as expressly consented to in writing by Buyer, or in situations wherein emergency action is taken in the face of risk to life, property or the environment or if required by Law, to:
(a) operate the properties included in the Assets in the usual, regular and ordinary manner consistent with past practice;
(b) maintain the books of account and records relating to the Assets in the usual, regular and ordinary manner, in accordance with its usual accounting practices;
(c) use commercially reasonable efforts to continue to drill and complete ▇▇▇▇▇ in accordance with Sellers' existing drilling plan for the Subject Interests and to continue to lease in accordance with Sellers' existing leasing program related to the Subject Interests;
(d) except as reasonably necessary in connection with conducting production operations, the drilling and completion operations and leasing program described in subparagraph (c) above, not enter into a material contract relating to the Assets, or materially amend or change the terms of any Contract that would involve individual commitments of more than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00);
(e) not plug or abandon any Well located on the properties included in the Assets without Buyer's prior written consent unless required to do so by an authorized regulatory agency or court;
(f) not transfer, sell, abandon, farmout, lease, encumber, exchange, mortgage, pledge or dispose of any material portion of the Assets or grant any consent or preferential purchase right with respect to the Assets, other than the sale and/or disposal of Hydrocarbons in the ordinary course of business and sales of equipment that are no longer necessary in the operation of the properties included in the Assets or for which replacement equipment has been obtained;
(g) maintain insurance coverage on the Assets presently furnished by nonaffiliated Third Parties in the amounts and of the types presently in force;
(h) use commercially reasonable efforts to maintain in full force and effect all Leases;
(i) maintain all material Permits, approvals, bonds and guarantees affecting the Assets;
(j) other than in connection with conducting production operations, the drilling operations and leasing program described in subparagraph (c) above, submit to Buyer for prior written approval, all requests for opera...
Operations after Execution Date. Seller agrees, from and after the Execution Date until Closing, except as expressly contemplated by this Agreement, as expressly consented to in writing by Buyer, or in situations wherein emergency action is taken in the face of risk to life, property or the environment, to maintain the books of account and records relating to the Assets in the usual, regular and ordinary manner, in accordance with its past practice, not enter into a material contract, or materially amend or change the terms of any such contract that would adversely impact the Assets, and preserve in full force and effect all oil and gas leases, operating agreements, easements, rights-of-way, permits, licenses and agreements that relate to the Assets.