Record Assignment and Transfer; Approval Clause Samples

Record Assignment and Transfer; Approval. (a) Within five (5) days following the satisfaction of the Conditions Precedent, the Parties shall execute the Assignment of Beneficial Interest and Transfer of Licence. For so long as PEL 512 has not been separated into two (2) or more licences, the Parties will work together in good faith and use reasonable efforts to find a mutually satisfactory solution to maintain the Licence in full force, giving effect to all terms of this Agreement including among others the payment by WESI of the cash consideration prescribed in Article 4.1; the performance of the Obligatory Expenditure Work Program described in Article 4.2; and the provision by DESAL of the economic benefits of the Assignment of Beneficial Interest. DESAL will give full recognition to WESI’s Participating Interest in the Contract Area and all operations in the Contract Area will be conducted in accordance with this Agreement and the JOA. Any and all decisions regarding the Licence insofar as the Licence pertains to the West Block shall be made at the sole discretion and direction of DESAL without any consultation with WESI and WESI agrees to make all such elections and take such actions as are necessary to effectuate DESAL’s decisions with respect to the West Block. Discovery to WESI Farmout Agreement 11 (b) If and when the PEL 512 is separated into two (2) or more licences after the Effective Date, the Parties shall (i) use reasonable efforts to obtain, in writing, any required third-party consents, (ii) upon receipt of all such consents, execute all such documents that may be necessary or desirable to the Government for the new licence or licences over and in respect of the Contract Area to be granted and issued to DESAL and WESI in their respective undivided Participating Interests at that time and (iii) promptly and in no event more than three (3) Business Days following such separation, execute such assignments, instruments and other documents requested by DESAL in order for WESI to assign and transfer unto DESAL all of WESI’s interest in, to and under the licences or portions thereof burdening or pertaining to the West Block. (c) WESI shall promptly take all reasonable actions, and provide DESAL with all required and any reasonably requested documentation, to ensure compliance with the requirements established by the Government to approve and register the Assignment of Beneficial Interest and Transfer of Licence. (d) The Parties agree to execute and deliver any assignment as may be required...