Proposal of Appraisal Operations Sample Clauses

Proposal of Appraisal Operations. 11.1.1 Well Plan's Minimum Specifics . . . . . . . . . . . . . . . 11.1.2 Pre-Spud Technical Meeting and Revision of Well Plan . . . . 11.1.3
Sample 1
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Proposal of Appraisal Operations. After completion of Exploratory Operations any Party may propose to conduct an Appraisal Operation within a Designated Prospect by giving notice of the proposal (along with the associated AFE and Well Plan) to all other Parties. If all the Parties agree to participate in drilling the proposed Appraisal Well, Operator shall commence the proposed well in accordance with this Article 11 and drill same at their Cost and risk. No Appraisal Well shall be drilled by any Party hereto on any Designated Prospect without the approval of one or more Parties having a combined voting interest of fifty percent (50%) or more except, however: (a) subsequent to the beginning of the last two (2) years of the primary term of any Lease within such Designated Prospect having a primary term of five (5) years (regardless of whether the Lease has a primary term which extends to eight (8) years); (b) the last three (3) years of the primary term of any Lease within such Designated Prospect having a primary term which has been extended to eight (8) years; or (c) subsequent to the beginning of the last three (3) years of any Lease within such Designated Prospect having a primary term of ten (10) years upon which there is no well being reworked, drilled, or agreed to be drilled by at least a fifty percent (50%) voting interest, any one or more of the Parties hereto may drill an Appraisal Well upon such Lease upon its Election. If fewer than all the Parties elect to participate in and agree to bear 100% of the Cost and risk of drilling the proposed well or conducting a proposed operation, Operator shall drill such well or conduct such operation, provided that a Participating Party may, subject to Article 4.2, take over the operation as substitute Operator in the event Operator does not elect to participate. Costs of a Non-Consent Appraisal Operation will be recouped in accordance with Article 16 (Non- Consent Operations). The formation of an Integrated Project Team may occur concurrently with Appraisal Operations.
Sample 1

Related to Proposal of Appraisal Operations

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Real Estate Appraisals Company shall, and shall cause each of its Subsidiaries to, permit an independent real estate appraiser reasonably satisfactory to Administrative Agent, upon reasonable notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged Property satisfying the requirements of any applicable laws and regulations (in each case to the extent required under such laws and regulations as determined by Administrative Agent in its discretion).

  • Waiver of Appraisal Rights Each Stockholder hereby waives any rights of appraisal or rights to dissent from the Merger.

  • Independent Appraiser A Person with no material current or prior business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company or of other Assets as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification as to Real Property.

  • Financial Examination and Appraisal Fees Bank's customary fees and out-of-pocket expenses for Bank's audits of Borrower's Accounts, and for each appraisal of Collateral and financial analysis and examination of Borrower performed from time to time by Bank or its agents;

  • Inspections; Appraisals (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any Borrower. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them.

  • MAI Appraiser The cost of such application to the presiding judge shall be equally shared by the parties. Within five (5) days after completion of the third (3rd) MAI Appraiser’s appraisal, all three (3) MAI Appraisers shall meet and a majority of the MAI Appraisers shall attempt to determine the fair market value of the Premises or applicable portion thereof. If a majority are unable to determine the fair market value at such meeting, the three (3) appraisals shall be added together and their total divided by three (3). The resulting quotient shall be the Fair Market Value. If, however, either or both of the low appraisal or the high appraisal are more than ten percent (10%) lower or higher than the middle appraisal, any such lower or higher appraisal shall be disregarded. If only one (1) appraisal is disregarded, the remaining two (2) appraisals shall be added together and their total divided by two (2), and the resulting quotient shall be such Fair Market Value. If both the lower appraisal and higher appraisal are disregarded as provided herein, the middle appraisal shall be such Fair Market Value. In any event, the result of the foregoing appraisal process shall be final and binding.

  • Financial testing The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 19.2 (Compliance Certificate).

  • Absence of Appraisal or Dissenters’ Rights No Shareholder shall be entitled, as a matter of right, to relief as a dissenting Shareholder in respect of any proposal or action involving the Trust or any Series or any Class thereof.

  • Financial Audit Vision 21 shall have approved in Vision 21's sole discretion an audit of the Company and the Practice which audit shall have been performed by an accounting firm designated by Vision 21 at the sole expense of Vision 21.

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