Common use of RESIGNATION OR REMOVAL OF UNIT OPERATOR Clause in Contracts

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. 5.2 The Unit Operator may be subject to removal by the same percentage vote of the owners of working interests as provided by Article VI for the designation of a successor Unit Operator. This removal shall not be effective until the working-interest owners notify the Regional Supervisor and the Unit Operator and until the Regional Supervisor approves the designation of a successor Unit Operator. 5.3 The resignation or removal of the Unit Operator shall not release the Unit Operator from liability for any failure to meet any obligations which accrued before the effective date of resignation or removal. 5.4 The resignation or removal of the Unit Operator shall not terminate any right, title, or interest as the owner of a working interest or other interest in the unit area. However, when the resignation or removal of the Unit Operator becomes effective, the Unit Operator shall relinquish to the successor Unit Operator all xxxxx, platforms, artificial islands, installations, devices, records, and any other assets all owned solely by the unit joint account.

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, 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. 5.2 The Unit Operator may be subject to removal by the same percentage vote of the owners of working interests as provided by in Article VI for the designation of a successor Unit Operator. This removal shall not be effective until the working-interest owners notify the Regional Supervisor and the Unit Operator and until the Regional Supervisor approves the designation of a successor Unit Operator. 5.3 The resignation or removal of the Unit Operator shall not release the Unit Operator from liability for any failure to meet any obligations which accrued before the effective date of resignation or removal. 5.4 The resignation or removal of the Unit Operator shall not terminate any right, title, or interest as the owner of a working interest or other interest in the unit area. However, when the resignation or removal of the Unit Operator becomes effective, the Unit Operator shall relinquish to the successor Unit Operator all xxxxx, platforms, artificial islands, installations, devices, records, and any other assets all owned solely by the unit joint account.

RESIGNATION OR REMOVAL OF UNIT OPERATOR. 5.1 The Unit Operator shall will have the right to resign at any time. Such ; however, the resignation shall will not become effective until until: 1) 60 days after have passed since the Unit Operator delivers a written notice of an intention to resign has been delivered by the Unit Operator to the working-interest owners Working Interest Owners and the Regional Supervisor Commissioner; and until 2) all platforms, artificial islands, installations, installations and other devices, including xxxxx xxxxx, used for conducting operations in the unit area, 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, Commissioner for suspension or abandonment of operations. If However, if a successor Unit Operator is designated and approved as provided in under Article VI6 of this Agreement, the resignation shall be is effective upon when approved by the designation and approval of the successor Unit OperatorCommissioner. 5.2 The Unit Operator may be subject to removal by the same percentage vote of the owners of working interests removed as provided by Article VI for in the designation of a successor Unit OperatorOperating Agreement. This removal shall will not be effective until until: 1) the working-interest owners Working Interest Owners notify the Regional Supervisor Commissioner and the Unit Operator Operator; and until 2) the Regional Supervisor Commissioner approves the designation of a successor Unit Operator. 5.3 The resignation or removal of the Unit Operator shall will not release the Unit Operator it from liability for any failure to meet any obligations which that accrued before the effective date of the resignation or removal. 5.4 The resignation or removal of the Unit Operator shall does not terminate any rightits rights, title, interest or interest obligations as the owner of a working interest Working Interest Owner or other interest in the unit areaUnit Area. HoweverA termination of the Unit Operator's rights, when title, interest or obligations may occur independently under the terms of the Leases and governing law. When the resignation or removal of the Unit Operator becomes effective, the Unit Operator shall relinquish to the successor possession of all Unit Operator all xxxxx, platformsEquipment, artificial islands, xxxxx, installations, devices, records, and any other assets all owned solely by used for conducting Unit Operations, whether or not located in the unit joint accountUnit Area, to the successor Unit Operator.

RESIGNATION OR REMOVAL OF UNIT OPERATOR. 5.1 The Unit Operator shall have the right to resign at any time. Such The Unit Operator's resignation shall not become effective until 60 until: 1) sixty days after have passed since the Unit Operator delivers a written notice of an intention to resign has been delivered by the Unit Operator to the working-interest owners Working Interest Owners and the Regional Supervisor Commissioner; and until 2) all platforms, artificial islands, installations, installations and other devices, including xxxxx xxxxx, used for conducting operations in the unit area, 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, Commissioner for suspension or abandonment of operations. If However, if a successor Unit Operator is designated and approved as provided in under Article VI6, the resignation shall be is effective upon when approved by the designation and approval of the successor Unit OperatorCommissioner. 5.2 The Unit Operator may be subject to removal by the same percentage vote of the owners of working interests removed as provided by Article VI for in the designation of a successor Unit OperatorOperating Agreement. This removal shall not be effective until until: 1) the working-interest owners Working Interest Owners notify the Regional Supervisor Commissioner and the Unit Operator Operator; and until 2) the Regional Supervisor Commissioner approves the designation of a successor Unit Operator. 5.3 The resignation or removal of the Unit Operator shall not release the Unit Operator it from liability for any failure to meet any obligations which that accrued before the effective date of the resignation or removal. 5.4 The resignation or removal of the Unit Operator shall does not terminate any rightits rights, title, title or interest or obligations as the owner of a working interest Working Interest Owner or other interest in the unit areaUnit Area. HoweverA termination of the Unit Operator's rights, when title or interest may occur independently under the terms of the Leases and governing law. When the resignation or removal of the Unit Operator becomes effective, the Unit Operator shall relinquish to the successor possession of all Unit Operator all xxxxx, platformsEquipment, artificial islands, xxxxx, installations, devices, records, and any other assets all owned solely by used for conducting Unit Operations, whether or not located in the unit joint accountUnit Area, to the successor Unit Operator.