RESIGNATION OR REMOVAL OF UNIT OPERATOR. Unit Operator shall have the right to resign at any time prior to the es- tablishment of a participating area or areas hereunder, but such resignation shall not be- come effective so as to release Unit Operator from the duties and obligations of Unit Oper- ator and terminate Unit Operator’s rights as such for a period of 6 months after notice of intention to resign has been served by Unit Operator on all working interest owners and the AO and until all xxxxx then drilled here- under are placed in a satisfactory condition for suspension or abandonment, whichever is required by the AO, unless a new Unit Oper- ator shall have been selected and approved and shall have taken over and assumed the duties and obligations of Unit Operator prior to the expiration of said period. Unit Operator shall have the right to re- sign in like manner and subject to like limi- tations as above provided at any time after a participating area established hereunder is in existence, but in all instances of resigna- tion or removal, until a successor Unit Oper- ator is selected and approved as hereinafter provided, the working interest owners shall be jointly responsible for performance of the duties of Unit Operator, and shall not later than 30 days before such resignation or re- moval becomes effective appoint a common agent to represent them in any action to be taken hereunder. The resignation of Unit Operator shall not release Unit Operator from any liability for any default by it hereunder occurring prior to the effective date of its resignation. The Unit Operator may, upon default or failure in the performance of its duties or ob- ligations hereunder, be subject to removal by the same percentage vote of the owners of working interests as herein provided for the selection of a new Unit Operator. Such re- moval shall be effective upon notice thereof to the AO. The resignation or removal of Unit Oper- ator under this agreement shall not termi- nate its right, title, or interest as the owner of working interest or other interest in unit- ized substances, but upon the resignation or 43 CFR Ch. II (10–1–14 Edition) removal of Unit Operator becoming effective, such Unit Operator shall deliver possession of all xxxxx, equipment, materials, and ap- purtenances used in conducting the unit op- erations to the new duly qualified successor Unit Operator or to the common agent, if no such new Unit Operator is selected to be used for the purpose of conducting unit operations hereunder. Nothi...
RESIGNATION OR REMOVAL OF UNIT OPERATOR. 7.1 The Unit Operator shall have the right to resign. Such resignation shall not become effective so as to release Unit Operator from the duties and obligations of Unit Operator or terminate Unit Operators rights, as such, for a period of six (6) months after notice of its intention to resign has been served by Unit Operator on all Working Interest Owners and the authorized officer, nor until all xxxxx then drilled hereunder are placed in a satisfactory condition for suspension or abandonment, whichever is required by the authorized officer, unless a new Unit Operator shall have been selected and approved and shall have taken over and assumed the duties and obligations of Unit Operator prior to the expiration of said period.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. Unit operator shall have the right to resign at any time but such resignation shall not become effective until a successor unit operator has been selected and approved in the manner provided for in Section S ofthis agreement. The resignation ofthe unit operator shall not release the unit operator from any liability or any default by it hereunder occurring prior to the effective date ofits resignation. Unit operator may, upon default or failure in the performance ofits duties or obligations hereunder, be subject to removal by the same percentage vote of the owners of working interests determined in like manner as herein provided for the selection ofa new unit operator. Such removal shall be effective upon notice thereofto the Commissioner and the Division. The resignation or removal of the unit operator under this agreement shall not terminate his right, title or interest as the owner ofa working interest or other interest in unitized substances, but upon the resignation or removal ofunit operator becomingeffective, such unit operator shall deliver possession ofall equipment, materials, and appurtenances used in conducting the unit operations and owned by the working interest owners to the new duly qualified successor unit operator, or to the owners thereofifno such new unit operator is elected, to be used for the purpose ofconducting unit operations hereunder. Nothing herein shall be construed as authorizing removal ofany material, equipment and appurtenances needed for the preservation ofwells.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. 5.1 The Unit Operator shall have the right to resign at any time. Such resignation shall not become effective until 60 days after written notice of an intention to resign has been delivered by the Unit Operator to the working-interest owners and the Regional Supervisor and until all platforms, artificial islands, installations, and other devices, including xxxxx used for conducting operations in the unit area are placed in a condition satisfactory to the Regional Supervisor for the transfer of operations, or, if no successor Unit Operator has been designated, for suspension or abandonment of operations. If a successor Unit Operator is designated and approved as provided in Article VI, the resignation shall be effective upon the designation and approval of the successor Unit Operator.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. Resignation or removal of the Unit Operator shall be governed by the provisions of Article V of the Unit Agreement.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. 5.1 The Unit Operator will have the right to resign at any time; however, the resignation will not become effective until: 1) 60 days have passed since the Unit Operator delivers a written notice of an intention to resign to the Working Interest Owners and the Commissioner; and 2) all artificial islands, installations and other devices, including xxxxx, used for operations in the Unit Area are in a condition satisfactory to the Commissioner for suspension or abandonment of operations. However, if a successor Unit Operator is designated and approved under Article 6 of this Agreement, the resignation is effective when approved by the Commissioner.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. Unit Operator --------------------------------------- may resign at any time by giving notice thereof to the other Parties. If Unit Operator terminates its legal existence or is no longer capable of serving as Unit Operator, Unit Operator shall be deemed to have resigned without any action by the other Parties, except the selection of a successor. Unit Operator may be removed only for good cause by the affirmative vote of Parties owning a majority interest based on ownership as shown on Exhibit "1.5" remaining after excluding the voting interest of Unit Operator and its affiliates, if any; such vote shall not be deemed effective until a written notice has been delivered to the Unit Operator by the other Parties detailing the alleged default and Unit Operator has failed to cure the default within thirty (30) days from its receipt of the notice or, if the default concerns an operation then being conducted, within forty-eight (48) hours of its receipt of the notice. For purposes hereof, "good cause" shall mean not only gross negligence or willful misconduct but also the material breach of or inability to meet the standards of operation contained herein or material failure or inability to perform its obligations under this agreement. Such resignation or removal shall not become effective until 7:00 o'clock A.M. on the first day of the calendar month following the expiration of ninety (90) days after the giving of notice of resignation by Unit Operator or action by the other Parties to remove Unit Operator, unless a successor Unit Operator has been selected and assumes the duties of Unit Operator at an earlier date. A change of a corporate name or structure of Unit Operator shall not be the basis for removal of Unit Operator.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. 6.1. The Unit Operator may resign at any time, but the resignation is not effective until DNR approves a successor Unit Operator.
RESIGNATION OR REMOVAL OF UNIT OPERATOR. 7.1 Prior to the establishment of a Par- ticipating Area, hereunder, Unit Operator shall have the right to resign. Such resigna- tion shall not become effective so as to re- lease Unit Operator from the duties and obli- gations of Unit Operator or terminate Unit Operators rights, as such, for a period of six
