Resignation as Operator Clause Samples
The 'Resignation as Operator' clause defines the process and conditions under which the current operator of a project or asset may voluntarily step down from their role. Typically, this clause outlines the required notice period, the manner in which resignation must be communicated to other parties, and any obligations the resigning operator must fulfill before their departure, such as assisting with the transition to a new operator. Its core practical function is to ensure a smooth and orderly transition of operational responsibilities, minimizing disruption and clarifying the steps to be followed when an operator chooses to resign.
Resignation as Operator. As to the Properties which are operated by Seller, Seller will tender its resignation as operator immediately following Closing and will cooperate with Buyer in seeking to have Buyer selected as successor operator as soon as is practicable.
Resignation as Operator. In addition to all rights and remedies under this Mortgage, at law and in equity, if any Event of Default shall occur and be continuing and the Mortgagee shall exercise any remedies under this Mortgage with respect to any portion of the Mortgaged Property (or the Mortgagor shall transfer any Mortgaged Property “in lieu of” foreclosure) whereupon the Mortgagor is divested of its title to any of the Hydrocarbon Interests, the Mortgagee shall have the right to request that any operator of any Mortgaged Property of which such divested Hydrocarbon Interests form a part that is either the Mortgagor or any Affiliate of the Mortgagor to resign as operator under the joint operating agreement applicable thereto, and no later than 60 days after receipt by the Mortgagor of any such request, the Mortgagor shall, subject to the terms of such joint operating agreements, resign (or, to the extent it is able to do so, cause such other Person to resign) as operator of such Hydrocarbon Interests.
Resignation as Operator. Sellers will cause ▇▇▇▇▇ Resources LLC ("Resources") to resign as operator on all Properties on which it is operator, effective as of the Closing. If any joint operating agreement or other agreement pursuant to which Resources is an operator requires notice before a resignation is effective or other similar requirements, then Resources will continue to operate the applicable Property until the expiration or waiver of such notice or similar requirement, and Purchaser will pay to Resources, for so long as it must remain as operator, fees equal to $750 per month per active well, plus $7,500 per month per well being drilled or completed, plus Resources' actual third party expenses. Sellers will cause Resources to assign, to the extent assignable, to Purchaser or its Affiliate, at no cost to Purchaser, those items identified in clauses (iv) and (v) of the definition of Properties to the extent held in Resources name, but only to the extent applicable to the Properties only rather than properties held by Sellers or Resources after Closing.
Resignation as Operator. Issuer, Aurora and any Subsidiary thereof shall, within fifteen (15) days after request from Administrative Agent, Collateral Agent or Requisite Holders after the occurrence of an Event of Default, resign as operator of any Collateral and designate and vote for, as successor operator, the party designated by Administrative Agent, Collateral Agent, Requisite Holders or any receiver or purchaser in foreclosure of such Collateral.