SUBSEQUENT WELLS Sample Clauses

SUBSEQUENT WELLS. In the event x Xxxty that elected to participate in the Initial Well drilled within any particular Prospect Area, thereafter elects not to participate in any Subsequent Well proposed and then drilled within such Prospect Area, anything to the contrary contained herein or in the applicable JOA to the contrary, such Party (A) must permanently relinquish and assign (without reimbursement for costs) all of its right, title, and interest and properties (whether legal or equitable, vested or contingent and whether real/immovable, personal/movable or mixed) in the wellbore of the Subsequent Well and a sufficient interest in the Leases, Options and Farm-Ins allocable to such Subsequent Well to afford the relinquishing party its full allowable share of production from the Subsequent Well (the "Subsequent Well Interests"), to the Parties participating in the drilling of such Subsequent Well (in the ratio that each participating Party's leasehold working interest in the acreage included within the Prospect Area for such well bears to the total of the leasehold working interests of all of the Parties hereto participating in the operation), (B) shall no longer (as of the date it elects not to participate in the drilling of the Subsequent Well) be deemed a party to the applicable JOA insofar as it pertains to the Subsequent Well Interests, and (C) shall not own or acquire, whether directly or indirectly, itself or through any Affiliate, representative, agent or broker, any Lease, Option, Farm-In, Permit or other interest in oil, gas and/or other minerals directly relating to the Subsequent Well Interests for a period of three (3) years from the date of this Agreement.
Sample 1
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SUBSEQUENT WELLS. After completion of the Initxxx Xest Well on the Prospect as a well capable of producing oil or gas in commercial quantities, or its abandonment as a dry hole, the Parties agree to develop the Prospect and all formations as would reasonable and prudent Operators and Non-Operators under the same or similar circumstances and in accordance with the applicable leases and the Operating Agreement. The Operating Agreement shall control participation in subsequent wells drilled on the Prospect.
Sample 1
SUBSEQUENT WELLS. During thx xxxm of this Agreement, Aurora may propose the drilling of a well or wells within the AXX, xther than the Test Well (which consists of 10 wells), to test axx xxrmation ("Subsequent Well"). The Subsequent Well or Wells may be propoxxx xn a well-by-well or unit basis. Aurora shall provide Investor with a summary of its intended operations and the estimated development costs. Within twenty (20) days of receipt of the notice, Investor shall notify Aurora of its election to participate or not participate in the proposed Subsequent Well. Failure to respond within twenty (20) days shall be deemed an election not to participate. Investor shall have the right to participate in any proposed Subsequent Well to the extent of an undivided twenty-five percent (25%) working interest, which will result in Investor acquiring an undivided twenty-two and one-half percent (22.5%) working interest before payout on a well by well basis and an undivided twenty percent (20.0%) working interest after payout on a well by well basis pursuant to Section 5.02 below. In the event Investor elects not to participate in a Subsequent Well, Aurora shall refund to Investor the leasehold acquisition costs paid by Investor for those leases contained in the drilling unit for the Subsequent Well. Investor shall then forthwith re-assign to Aurora its interest in the leases contained in the drilling unit for the Subsequent Well, and Investor shall have no further interest in said Subsequent Well. In the event Investor elects not to participate in a Subsequent Well within an established pooled or unitized area as provided for in Section 4.02 below in which Investor had previously participated, the interest of Investor in that pooled or unitized area shall be based on the wells in which Inxxxxxr has participated divided by the total number of wells in the poolex xx unitized area, proportionately reduced by the undivided interest in said wells acquired by Xxxxxtor hereunder.
Sample 1
SUBSEQUENT WELLS. 8.1 Should GHK desire to drill a well or wells ("Sxxxxxuent Well") in addition to the Initial Wexx xx lands in the AMI, then with respect to each additional well GHK shall give Participant written notice of the proposed operation specifying the work to be performed, the approximate location, proposed depth, objective formation,
Sample 1
SUBSEQUENT WELLS. With respect to all wexxx xocated on the property xxxxred under the Welder Property Lease and under the options to lease additional acreage from the Welder family that are drilled subsequent to the "Initial Well" described in the Participation Letter Agreement, VOG may not, without the prior approval and consent of the LLC, take any action or enter into any agreements or understandings which would reduce below 85% the Company's working interest in all such wells.
Sample 1

Related to SUBSEQUENT WELLS

  • Subsequent Owners 7.2.1 This Agreement shall be binding upon the parties hereto, their heirs, successors, assigns, mortgagees, lessees and all subsequent owners, and shall run with the Lands which are the subject of this Agreement until this Agreement is discharged by Council. 7.2.2 Upon the transfer of title to any lot(s), the subsequent owner(s) thereof shall observe and perform the terms and conditions of this Agreement to the extent applicable to the lot(s).

  • Subsequent Recalculation In the event the Internal Revenue Service adjusts the computation of the Company under Section 5.2 herein so that the Executive did not receive the greatest net benefit, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole, plus a market rate of interest, as determined by the Committee, within 30 days after such adjustment.

  • Subsequent Adjustments In the event that the Assuming Institution or the Receiver discovers any errors or omissions as contemplated by Section 8.2 or any error with respect to the payment made under Section 8.3 after the Settlement Date, the Assuming Institution and the Receiver agree to promptly correct any such errors or omissions, make any payments and effect any transfers or assumptions as may be necessary to reflect any such correction plus interest as provided in Section 8.4.

  • Subsequent Equity Sales If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised

  • Underground Tanks If underground or other storage tanks storing Hazardous Materials located on the Premises or the Project are used by Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain, upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting procedures, properly close any underground storage tanks, and take or cause to be taken all other actions necessary or required under applicable state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks.

  • ADJACENT EXCAVATION-SHORING If an excavation shall be made upon land adjacent to the demised premises, or shall be authorized to be made, Tenant shall afford to the person causing or authorized to cause such excavation, license to enter upon the demised premises for the purpose of doing such work as said person shall deem necessary to preserve the wall or the building of which demised premises form a part from injury or damage and to support the same by proper foundations without any claim for damages or indemnity against Owner, or diminution or abatement of rent.

  • Subsequent Closings Subject to the satisfaction (or waiver by the Agent in its sole discretion) of the conditions to a Subsequent Closing set forth in Section 5.2 and further subject to Section 10.2(a), each applicable Lender hereby promises to purchase from the Borrower an aggregate principal amount of additional Notes not to exceed, when aggregated with the principal amount of Notes acquired by such Lender prior to such Subsequent Closing (including, without limitation, at the Closing), such Lender’s Commitment. Subject to the satisfaction (or waiver by the Agent) of the conditions to a Subsequent Closing set forth in Section 5.2 and further subject to Section 10.2(a), in consideration for each applicable Lender’s payment of its pro rata share of the aggregate purchase price (the “Subsequent Closing Note Purchase Price”) of the Notes to be purchased by such Lenders at such Subsequent Closing, the Borrower shall issue and sell to each Lender on the applicable Subsequent Closing Date (as defined below), and each Lender severally, but not jointly, agrees to purchase from the Borrower on such Subsequent Closing Date, a principal amount of Notes in the amount each Lender has agreed in writing to pay in respect thereof, pursuant to a Notice of Purchase and Sale. The closing (each a “Subsequent Closing”) of any of the transactions contemplated by this Section 3.2 and the issuance of the additional Notes to be issued to the Lenders at such Subsequent Closing shall occur at the offices of Xxxxxx Xxxxxx Xxxxxxxx LLP, 000 Xxxx Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000. With respect to each Subsequent Closing, the date and time of such Subsequent Closing (the “Subsequent Closing Date”) shall be 10:00 a.m., Chicago time, on the date on which the conditions set forth in Section 5.2 below shall be satisfied or waived in accordance with this Agreement (or such later date as is mutually agreed to by the Borrower and the Agent). On each Subsequent Closing Date, (i) each Lender shall pay its pro rata share of the applicable Subsequent Closing Note Purchase Price to the Borrower for the Notes to be issued and sold to such Lender at such Subsequent Closing, by wire transfer of immediately available funds in accordance with the Borrower’s written wire instructions, and (ii) the Borrower shall deliver to each Lender the Notes (in the denominations as such Lender shall have requested prior to such Subsequent Closing) which such Lender is then purchasing, duly executed on behalf of the Borrower and registered in the name of such Lender or its designee.

  • PRORATION PERIOD The Tenant: (check one)

  • ACCUMULATION UNITS The interest of this contract in the Separate Account, prior to the date on which amounts become payable under a payment plan, is represented by Accumulation Units. The dollar value of Accumulation Units for each Division will increase or decrease to reflect the investment experience of the Division. The value of an Accumulation Unit on any Valuation Date is determined by multiplying: - the value on the immediately preceding Valuation Date; by - the Net Investment Factor for the period from the immediately preceding Valuation Date up to and including the current Valuation Date (the current period).

  • Carry Forward to a Subsequent Year If you do not withdraw the excess contribution, you may carry forward the contribution for a subsequent tax year. To do so, you under-contribute for that tax year and carry the excess contribution amount forward to that year on your tax return. The six percent excess contribution penalty tax will be imposed on the excess amount for each year that it remains as an excess contribution at the end of the year. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.

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