OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE Sample Clauses

OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE. (a) Operations Between the Effective Date and Closing. As Closing may occur subsequent to the Effective Date, Aera will in such event continue to operate the Property, or cause the Property to be operated, as appropriate, at Xxxxx'x sole risk and for the account of Xxxxx until Closing. Upon Closing, Xxxxx shall assume the risk of any change in the condition of the Property from the Effective Date to the Closing Date, except to the extent any change in the condition is attributable to the gross negligence or willful misconduct of Aera, and notwithstanding the foregoing, except as may be otherwise provided in section 20.
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OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE. (a) Operations Between the Effective Date and Closing. As Closing will occur subsequent to the Effective Date, PANACO will continue to operate the PROPERTY, or cause the PROPERTY to be operated, as appropriate, at PURCHASER's sole risk and for the account of
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OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE. POST CLOSING ADJUSTMENT PROCEDURE. Seller shall be responsible for all necessary and reasonable expenses incurred for the operation of the Property prior to the Effective Date, except as to any operations which Seller chose not to participate in or with respect to which Seller elected to go non-consent pursuant to the applicable Associated Contract. Purchaser shall be responsible for all necessary and reasonable expenses incurred for the operation of the Property from and after the Effective Date. "Expenses" as used in this Section 10 shall include, without limitation, operation, production, workover and maintenance of the Property facilities, Leases and Wells. From and after the date xxxxof until Closing, Seller shall maintain and operate the Property (or cause the operator of the Property to maintain and operate the Property) in a prudent manner consistent with past practices of Seller and/or the operator of the Property and with good oil and gas field practices. Except in the case of emergency, from and after the date hereof, Seller shall not make any single expenditure related to the Property, or commit to do so, in an amount that requires the approval of Seller pursuant to the applicable Associated Contract without Purchaser's prior written consent. In case of emergency, Seller may take such action and make such expenditures as are reasonably necessary to meet the emergency and shall provide Purchaser with prompt, written and detailed information on the nature of the emergency and the expenditures. Except for the sale of production in the ordinary course of business, from and after the Effective Date, Seller shall not sell, trade, bargain, convey or otherwise dispose of the Property or any portion thereof, or commit to do so without the prior written consent of Purchaser. From and after the date hereof, Seller shall not drill, sidetrack, rework, recomplete or abandon any Well or commit to do so irrespective of the cost thereof, without Purchaser's prior written consent. The production from the Property and all proceeds from the sale thereof attributable to production prior to the Effective Date shall be the property of Seller. The production from the Property and all proceeds from the sale thereof attributable to production from and after the Effective Date shall be the property of Purchaser. To account for adjustments to the Purchase Price, as provided in Section 3b above, as soon as practicable after Closing, but no later than six (6) months after C...
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OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE 
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Related to OPERATIONS AND PRODUCTION AFTER THE EFFECTIVE DATE

  • Conditions to the Effective Date The obligation of each Lender to amend and restated the Existing Credit Agreement and continue the Loans hereunder on the Effective Date is subject to satisfaction or waiver in writing by the Lenders of the following conditions precedent:

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • Conditions Precedent to the Effective Date The occurrence of the Effective Date pursuant to Section 13.10 is subject to the satisfaction of the following conditions:

  • Effect; Effective Date Upon (i) delivery to the Administrative Agent of a notice of assignment, substantially in the form attached as Exhibit “I” to Exhibit G hereto (a “Notice of Assignment”), together with any consents required by Section 12.3(i), and (ii) payment of a $3,500 fee by the assignor or assignee to the Administrative Agent for processing such assignment, such assignment shall become effective on the effective date specified in such Notice of Assignment. The Notice of Assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Loans under the applicable assignment agreement are “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Lender party to the Agreement and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no further consent or action by the Borrower, the Lenders or the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall automatically be released on the effective date of such assignment, with respect to the percentage of the Aggregate Commitment and Loans assigned to such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3(ii), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting its Commitment, as adjusted pursuant to such assignment.

  • After the Agreement Effective Date After the Agreement Effective Date, the Trust will furnish to Ultimus any amendments to the items listed in Section 14.1.

  • Conditions and Closing 4.1 The Closing Date will occur on such date as may be determined by the Issuer in its sole discretion. The Issuer may, at its discretion, elect to close the Offering in one or more closings.

  • The Effective Date The Merger shall become effective on the date and at the time (the “Effective Date”) that:

  • Revocation Period and Effective Date In the event that Executive elects to sign and return to the Company a copy of this Agreement, he/she has a period of seven (7) days (the “Revocation Period”) following the date of such execution to revoke this Release, after which time this agreement will become effective (the “Effective Date”) if not previously revoked. In order for the revocation to be effective, written notice must be received by the Company no later than close of business on the seventh day after the Executive signs this Release at which time the Revocation Period shall expire.

  • Revocation/Effective Date This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement. In other words, Employee may revoke Employee’s acceptance of this Agreement within seven (7) days after the date Employee signs it. Employee’s revocation must be in writing and received by ______________, the Company’s ______________ Officer, 0000 Xxxxxx Xxxx, Xxxxx 000, Xxx Xxxxx, XX 00000 by 5:00 p.m. Central Time on the seventh day in order to be effective. If Employee does not revoke acceptance within the seven (7) day period, Employee’s acceptance of this Agreement shall become binding and enforceable on the eighth day (“Effective Date”). The Severance Package shall become due and payable in accordance with Section 2 above after the Effective Date.

  • Conditions Precedent to the Effectiveness of this Agreement The effectiveness of this Agreement is subject to the receipt by IBM Credit of, or waiver in writing by IBM Credit of compliance with, the following conditions precedent:

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