Common use of Suspension of Rights Clause in Contracts

Suspension of Rights. Any party may deliver to the party in default a Notice of Default, which shall specify the default, specify the action to be taken to cure the default, and specify that failure to take such action will result in the exercise of one or more of the remedies provided in this Article. If the default is not cured within thirty (30) days of the delivery of such Notice of Default, all of the rights of the defaulting party granted by this Agreement may upon notice be suspended until the default is cured, without prejudice to the right of the non-defaulting party or parties to continue to enforce the obligations of the defaulting party previously accrued or thereafter accruing under this Agreement. The rights of a defaulting party that may be suspended hereunder at the election of the non-defaulting parties shall include, without limitation, the right to receive information as to any operation conducted hereunder during the period of such default, the right to elect to participate in an operation proposed under Article VI.B. of this Agreement, the right to participate in an operation being conducted under this Agreement even if the party ahs previously elected to participate in such operation, and the right to receive proceeds of production from any well subject to this Agreement.

Suspension of Rights. Any party Party may deliver to the party Party in default a Notice of Default, which shall specify the default, specify the action to be taken to cure the default, and specify that failure to take such the action will result in the exercise of one or more of the remedies provided in this ArticleArticle VII. If the default is not cured within thirty (30) days of the delivery of such the Notice of Default, all of the rights of the defaulting party Party granted by this Agreement may upon notice may, on notice, be suspended until the default is cured, without prejudice to the right of the non-defaulting party Party or parties Parties to continue to enforce the obligations of the defaulting party Party previously accrued or thereafter later accruing under this Agreement. If Operator is the Party in default, the Non-Operators shall have in addition the right to remove the Operator and appoint a new and successor operator in accordance with the provisions of Article V.B of this Agreement, but in such event, the appointment of such new and successor operator shall become effective immediately. The rights of a defaulting party Party that may be suspended hereunder at the election of the non-defaulting parties Parties shall include, without limitation, the right to receive information as to any operation conducted hereunder during the period of such the default, the right to elect to participate in an operation proposed under Article VI.B. VI.B of this Agreement, the right to participate in an operation being conducted under this Agreement even if the party ahs Party has previously elected to participate in such the operation, and the right to receive proceeds of production from any well subject to this Agreement.

Suspension of Rights. Any party may deliver to the party in default a Notice of Default, which shall specify the default, specify the action to be taken to cure the default, and specify that failure to take such action will result in the exercise of one or more of the remedies provided in this Article. If the default is not cured within thirty (30) days of the delivery of such Notice of Default, all of the rights of the defaulting party granted by this Agreement agreement may upon notice be suspended until the default is cured, without prejudice to the right of the non-defaulting party or parties to continue to enforce the obligations of the defaulting party previously accrued or thereafter accruing under this Agreementagreement. If the Manager of Operations is the party in default, the Non-Operators shall have in addition the right, by vote of Non-Operators owning a majority in interest in the Area of Mutual Interest after excluding the voting interest of the Manager of Operations, to appoint a new Operator effective immediately. The rights of a defaulting party that may be suspended hereunder at the election of the non-defaulting parties shall include, without limitation, the right to receive information as to any operation conducted hereunder during the period of such default, the right to elect to participate in an operation proposed under Article VI.B. of this Agreementagreement, the right to participate in an operation being conducted under this Agreement agreement even if the party ahs has previously elected to participate in such operation, and the right to receive proceeds of production from any well subject to this Agreementagreement.