Common use of Restriction on Operations Clause in Contracts

Restriction on Operations. Except in the case of an emergency and subject to the terms of applicable operating and other existing agreements, without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed, Seller shall not: 1. except in the ordinary course of business, enter into any new material agreements or commitments with respect to the Assets which extend beyond the Closing; 2. commit to or incur any expenditures in excess of $25,000.00 (net to Seller’s interest) with respect to any part of the Assets; 3. make any nonconsent elections with respect to operations affecting the Assets; 4. abandon any Well or release (or permit to terminate), or modify or reduce its rights under all or any portion of any of the Leases; 5. except in the ordinary course of business, modify or terminate any of the Contracts or waive or relinquish any right thereunder; 6. agree to any renegotiated price, take-or-pay or other terms under existing gas purchase agreements; 7. agree to any credit or prepayment arrangement that would reduce the share of gas deliverable with respect to the Assets following the Effective Time; 8. enter into any agreement or instrument for the sale, treatment, or transportation of production from the Assets (except for sales agreements terminable on no more than 30 days’ notice); 9. create any material gas imbalance affecting the Assets; or 10. encumber, sell or otherwise dispose of any of the Assets, other than (i) Hydrocarbons sold or otherwise disposed of in the ordinary course of business, (ii) personal property that is replaced by equivalent property or consumed in the normal operation of the Assets, or (iii) any item of personal property or equipment having a value of less than $25,000. For the purposes of obtaining the written consents required in this Section 8.1, Buyer designates the person set forth in Section 15.2. Such consents may be obtained in writing by overnight courier or given by telecopy or facsimile transmission.

Restriction on Operations. Except in the case of an emergency and subject emergency, Seller will promptly inform Buyer of all requests for commitments to expend funds in excess of $25,000.00 with respect to the terms of applicable operating and other existing agreements, without Assets. Without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed, Seller shall not, except in connection with Seller’s ordinary course of business: 1. except in the ordinary course of business, enter into any new material agreements or commitments with respect to the Assets which extend beyond the Closing; 2. commit to or incur any expenditures in excess of $25,000.00 (net to Seller’s interest) with respect to any part of the Assets; 3. make any nonconsent elections with respect to operations affecting the Assets; 4. abandon any Well or release (or permit to terminate), or modify or reduce its rights under all or any portion of any of the Leases; 5. except in the ordinary course of business, modify or terminate any of the Contracts Material Agreements or waive or relinquish any right thereunder; 6. agree to any renegotiated price, take-or-pay take or other terms under existing gas purchase agreements; 7. agree to any credit or prepayment arrangement that would reduce the share of oil or gas deliverable with respect to the Assets following the Effective TimeClosing; 8. enter into any agreement or instrument for the sale, treatment, or transportation of production from the Assets (except for sales agreements terminable on no more than 30 days’ notice); 9. create any material gas imbalance affecting the Assets; or 10. encumber, sell or otherwise dispose of any of the Assets, other than (i) Hydrocarbons sold or otherwise disposed of in the ordinary course of business, (ii) personal property that is replaced by equivalent property or consumed in the normal operation of the Assets, Assets or (iii) any item sales of personal property or equipment having a value Hydrocarbons in the ordinary course of less than $25,000business. For the purposes of obtaining the written consents required in this Section 8.1, Buyer designates the person set forth in Section 15.216.2. Such consents may be obtained in writing by overnight courier or given by telecopy or facsimile transmissionin accordance with Section 16.2.

Restriction on Operations. Except in the case of an emergency and subject to the terms of applicable operating and other existing agreements, without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed, Seller shall not: 1. except in the ordinary course of business, enter into any new material agreements or commitments with respect to the Assets which extend beyond the Closing; 2. commit to or incur any expenditures in excess of $25,000.00 50,000.00 (net to Seller’s interest) with respect to any part of the Assets; 3. make any nonconsent elections with respect to operations affecting the Assets; 4. abandon any Well or release (or permit to terminate), or modify or reduce its rights under all or any portion of any of the Leases; 5. except in the ordinary course of business, modify or terminate any of the Contracts or waive or relinquish any right thereunder; 6. agree to any renegotiated price, take-or-pay or other terms under existing gas purchase agreements; 7. agree to any credit or prepayment arrangement that would reduce the share of gas deliverable with respect to the Assets following the Effective Time; 8. enter into any agreement or instrument for the sale, treatment, or transportation of production from the Assets (except for sales agreements terminable on no more than 30 days’ notice); 9. create any material gas imbalance affecting the Assets; or 10. encumber, sell or otherwise dispose of any of the Assets, other than (i) Hydrocarbons sold or otherwise disposed of in the ordinary course of business, (ii) personal property that is replaced by equivalent property or consumed in the normal operation of the Assets, or (iii) any item of personal property or equipment having a value of less than $25,00050,000. For the purposes of obtaining the written consents required in this Section 8.1, Buyer designates the person set forth in Section 15.2. Such consents may be obtained in writing by overnight courier or given by telecopy telecopy, facsimile or facsimile email transmission.