Common use of Terminating Takeover Clause in Contracts

Terminating Takeover. A Takeover shall terminate if Producer shall provide, from sources other than Completion Guarantor, such additional funds (over the Strike Price) in such amount and manner of payment acceptable to Completion Guarantor or shall take other steps that will in the reasonable opinion of Completion Guarantor, adequately protect Completion Guarantor from incurring any liability under any of the Completion Documents, without prejudice to the rights of Completion Guarantor subsequently to exercise any of its rights, remedies, powers and defenses contained herein, including its right to a Takeover. If a Takeover shall terminate before the completion of Production and Delivery, then upon Producer’s written request Completion Guarantor will undertake to sign all documents necessary to permit Producer to regain management and control over Production and Delivery.

Terminating Takeover. A Takeover shall terminate if Producer shall provide, from sources other than Completion Guarantor, such additional funds (over in excess of the Strike Price) in such amount and manner of payment acceptable to Completion Guarantor or shall take other steps that will in the reasonable opinion of Completion Guarantor, adequately protect Completion Guarantor from incurring any liability under any of the Completion Documents, without prejudice to the rights of Completion Guarantor subsequently to exercise any of its rights, remedies, powers and defenses contained herein, including its right to a Takeover. If a Takeover shall terminate before prior to the completion of Production and Delivery, then upon Producer’s written request Completion Guarantor will undertake to sign all documents necessary to permit Producer to regain management and control over Production and Delivery.