Reassignment Obligation Sample Clauses
The Reassignment Obligation clause requires a party to transfer or assign certain rights, interests, or responsibilities to another party, typically upon the occurrence of specific events such as termination or expiration of an agreement. In practice, this may involve reassigning intellectual property rights, contractual duties, or assets back to the original owner or to a designated third party. This clause ensures that ownership or control is properly restored or redirected, preventing disputes over lingering rights and facilitating a smooth transition at the end of a contractual relationship.
Reassignment Obligation. (a) If BG becomes a Defaulting Party with respect to any Carried Costs, (a “Carried Cost Default”), then in addition to a Default Notice with respect thereto, EXCO will give notice of such Carried Cost Default (a “Carried Cost Default Notice”) to BG. If BG fails to pay such owed and undisputed Carried Costs within fifteen (15) days of BG’s receipt of a Carried Cost Default Notice, then EXCO (at the option of EXCO exercisable at any time prior to the cure of such Carried Cost Default, which option shall be exercised by notice to BG) may require BG to reassign to EXCO, effective as of the date of BG’s failure to pay such Carried Costs when due, with special warranty of title against, and free and clear of, all claims by, through or under BG or its Affiliates, but not otherwise, an undivided one-half ( 1/2 ) of the Unpaid Carried Costs Percentage as of such time of all of BG’s and its Affiliates’ interests in the Deep Rights assigned by EXCO to BG pursuant to the Purchase Agreement and related Subject Oil and Gas Assets, including ▇▇▇▇▇ (including all ▇▇▇▇▇ drilled on such Deep Rights in which BG and/or its Affiliates have participated). For the avoidance of doubt, no Deep Rights acquired by BG pursuant to Article 9 shall be subject to the reassignment obligation. If EXCO elects to exercise its reassignment rights pursuant to this Section 5.5, BG shall be deemed to no longer be in default of its obligations to pay Carried Costs in accordance with the terms of Sections 2.1 and 2.2 of this Agreement, and such obligation to pay Carried Costs shall be deemed to be fully satisfied and this Agreement shall terminate. EXCO shall be entitled to exercise any and all rights and remedies that may be available to EXCO to enforce its rights under this Section 5.5, whether set forth in this Agreement, the Applicable Operating Agreement, at Law, in equity (including specific performance of this Agreement) or otherwise.
(b) Notwithstanding anything to the contrary in this Section 5.5, for the avoidance of doubt, unless and until EXCO exercises its rights to require BG to reassign a portion of the Deep Rights under and in accordance with Section 5.5(a), BG shall have record title to the interests in the Deep Rights Transferred to BG pursuant to the Purchase Agreement and the conveyances executed in connection therewith and, except in the event of the exercise by EXCO of its rights under Section 5.2(b) or in the event that EXCO exercises its right to require BG to reassign a p...
Reassignment Obligation. If Virtus fails or elects not to fulfill the Drilling Commitment by December 31, 2030, and such failure is not excused by force majeure or as otherwise provided herein, then Virtus shall, at LH Operating’s written request, reassign to LH Operating all right, title, and interest acquired by Virtus in the Assigned Interest, except for:
(i) any wellbores drilled by Virtus or its Affiliates in which Virtus owns an economic interest;
(ii) all tangible personal property, equipment, fixtures and improvements, including all injection ▇▇▇▇▇, salt water disposal facilities, gathering systems, well heads, flow lines, casing, tubing, pumps, motors, gauges, valves, heaters, treaters, water lines, vessels, tanks, tank batteries, boilers, separators, treating equipment, compressors, SCADA and wellhead communication systems hardware utilized by or for beneficial use of the wellbores in (i), above, fee minerals, units, easements, other equipment, automation systems including meters and related telemetry on ▇▇▇▇▇, power lines, telephone and communication lines and other appurtenances owned in connection with the production, gathering, treating, storing, transportation or marketing of hydrocarbons in each case, to the extent relating to the ownership or operation of those wellbores in (i), above;
(iii) all contracts, agreements and other written agreements, including, without limitation, all production sales contracts, farmout agreements, operating agreements, service agreements, equipment leases, division orders, unit agreements, gas gathering and transportation agreements, water disposal agreements and other similar agreements, in each case, to the extent relating to the ownership or operation of those wellbores in (i), above;
(iv) all easements, rights-of-way, servitudes, surface use agreements, surface leases and similar rights, obligations and interests that are primarily related to the use, ownership or operation of those wellbores in (i), above;
(v) all lands, leasehold interests, depths, and associated rights and interests located within or allocated to any drilling or spacing unit (DSU) in which a well described in subsection (i) is located, together with all contracts, agreements, permits, and other rights that are applicable solely to such DSU; and
(vi) the leasehold interests and acreage reasonably allocated to such wellbores or DSUs in accordance with applicable regulations, field rules, or prudent engineering practices.
Reassignment Obligation. If TETON receives an assignment under this Agreement and thereafter elects to surrender, let expire, abandon or release said lease, TETON will notify Kirkwood not less than sixty (60) days in advance of such surrender, expiration, abandonment or release. At the request of Kirkwood, which request must be made within thirty (30) days of receipt of such notice, TETON will then immediately assign those rights to Kirkwood and, upon receipt of that assignment, Kirkwood will pay (if applicable) TETON the reasonable salvage value of any material or equipment received, less the estimated costs of reclamation and surface restoration. Any w▇▇▇▇ not taken over by Kirkwood will be plugged and abandoned, according to state and federal regulations, at the owning Parties’ sole cost, risk and expense.
Reassignment Obligation. If TETON receives an assignment under this Agreement or acquires a lease subject to this Agreement and thereafter elects to surrender, let expire, abandon or release said lease, TETON will notify the remaining Parties not less than sixty (60) days in advance of such surrender, expiration, abandonment or release. At the request of some or all of the remaining Parties, which request must be made within thirty (30) days of receipt of such notice, TETON will then immediately assign those rights to the requesting Parties and, upon receipt of that assignment, the requesting Parties will pay (if applicable) TETON the reasonable salvage value of any material or equipment received, less the estimated costs of reclamation and surface restoration. Any w▇▇▇▇ affected by such assignment and not taken over by some or all of the remaining Parties will be plugged and abandoned, according to state and federal regulations, at the owning Parties’ sole cost, risk and expense.
Reassignment Obligation. (a) If BG becomes a Defaulting Party with respect to any Carried Costs, (a “Carried Cost Default”), then in addition to a Default Notice with respect thereto, EXCO will give notice of such Carried Cost Default (a “Carried Cost Default Notice”) to BG. If BG fails to pay such owed and undisputed Carried Costs within fifteen
Reassignment Obligation. Buyer shal▇ ▇▇▇▇▇ign to Seller, for no consideration, the undrilled portions of the Hanavan Lease if Buyer has not drilled and completed ▇▇▇ ▇▇▇ls as producing wells (or drilled and plugged and ▇▇▇▇▇oned such well▇); ▇ne such well in the NW/4SW/4 of Section 21, ▇▇▇▇, R44W, and one such well in the SE/4NW/4 of Section 21, T13S, R44W, such wells to be drilled by Buyer on or before June 1, 200▇. ▇▇r the purposes of this Reassignment Obligation, the undrilled portions of the Hanavan Lease shall be those lands outside the drilli▇▇ ▇▇▇ spacing unit for the wells capable of production in paying quantities located ▇n the Hanavan Lease as of June 1, 2007.
Reassignment Obligation. If Buyer has not drilled a well in the N/2 of Section 9, T33S, R43W and a second well in the S/2 of Section 5, T33S, R44W, both to a depth sufficient to test the Red Cave Formation (located between the depths of 1576 feet and 1650 feet in the Cook #1-5 wellbore), on or before June 1, 2006, then ▇▇▇▇r shall assign to Seller for no consideration the previously assigned rights to the undrilled portion of the Cook Lease.
Reassignment Obligation. If AOGI receives an assignment under this Agreement or acquires a lease subject to this Agreement and thereafter elects to surrender, let expire, abandon or release said lease, AOGI will notify the remaining Parties not less than 60 days in advance of such surrender, expiration, abandonment or release. At the request of some or all of the remaining Parties, which request must be made within 30 days of receipt of such notice, AOGI will then immediately assign those rights to the requesting Parties and, upon receipt of that assignment, the requesting Parties will pay the relinquishing Party the reasonable salvage value of any material or equipment received, less the estimated costs of reclamation and surface restoration. Any w▇▇▇▇ affected by such assignment and not taken over by some or all of the remaining Parties will be plugged and abandoned, according to state and federal regulations, at the owning Parties’ sole cost, risk and expense. In no event shall AOGI have any liability or responsibility whatsoever to any other Party if AOGI inadvertently fails to timely notify the remaining Parties in advance of a surrender, expiration, abandonment or release of a lease.