SHARING WITH GMX Sample Clauses

SHARING WITH GMX. If PVOG engages an additional rig for drilling in Part B with the concurrence of GMX, PVOG shall: (1) declare one of the drilling rigs to be the "Second Rig" under the terms of the Agreement, as amended, and (2) make the Second Rig available for use by GMX for drilling operations in Phase III on a one to one basis, i.e. for every well that PVOG uses the Second Rig for drilling operations under the terms of the Agreement, if GMX is ready, able and willing to use the Second Rig, it may make use of the Second Rig for the drilling of one well in Phase III. Five (5) days prior to reaching total depth on the well preceding GMX's option to use the Second Rig, GMX shall: (1) give PVOG written notice of its election to use the second rig and (2) enter into a single well or a multiple well (if GMX has elected to bank locations as provided below) drilling contract with the rig contractor on terms acceptable to both GMX and the rig contractor, which terms shall be no less favorable to GMX than the terms available to PVOG, save and except any financial requirements prescribed by the rig contractor. During the time a rig is used by GMX, PVOG will have no financial or other responsibility to the rig contractor for such utilization. Both PVOG and GMX shall have the right to bank up to three (3) well locations to be drilled with the Second Rig at a later date if either party elects to do so.
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Related to SHARING WITH GMX

  • Allocation of Profit and Loss Article V, Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority:

  • Intercompany Agreements The Company may require any Affiliate to enter into such other agreement or agreements as it shall deem necessary to obligate such Affiliate to reimburse the Company for any other amounts paid by the Company hereunder, directly or indirectly, in respect of such Affiliate's employees.

  • Termination of Intercompany Agreements Without limiting the generality of Section 3.1(e) and subject to the terms of Section 3.1 and Schedule 1.92, each of the parties hereto agrees that, except for this Agreement and the Ancillary Agreements (including any amounts owed with respect to such agreements), all Intercompany Agreements and all other intercompany arrangements and course of dealings whether or not in writing and whether or not binding or in effect immediately prior to the Distribution Time shall terminate immediately prior to the Distribution Time unless the parties thereto otherwise agree in writing after the date of this Agreement.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocations of Profit and Loss Whenever a proportionate part of the Company’s Profit and Loss is allocated to the Member, every item of income, gain, loss, deduction and credit entering into the computation of such Profit or Loss applicable to the period during which such Profit or Loss was realized shall be allocated to the Member.

  • Agreements for Disposition The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

  • Certain Tax Matters The undersigned expressly acknowledges the following:

  • Distribution of Profits Article 38

  • Net Loss After giving effect to the special allocations set forth in Section 6.1(d), Net Loss for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Loss for such taxable period shall be allocated as follows:

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